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Manhattan Rental Vacancy Rate is Unusually High for Summer

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Manhattan rents are, as we learned at the end of the second quarter, rising steadily. That means people are not exactly wild about moving?and that means Manhattan's vacancy rate is headed upward again. The latest Citi Habitats report, released at midnight, places that vacancy rate at 1.2 percent for July, up from 0.86 percent at the same time last summer. Just how much higher did rents have to be to make this happen? Rents were about 3 percent higher this July than they were last summer, for a new Manhattan average of $3,459/month. The increases were higher for some apartment sizes: studio rents, at an average of $2,078/month, were 6 percent higher than in July 2011. Two-bedroom rents rose 6 percent, too, to $4,0001/month. Ouch.
Here's Citi Habitats' breakdown of neighborhood rent averages:

· Market Reports [Citi Habitats]
· Market Reports coverage [Curbed]