July Rental Statistics For Manhattan
A: Fresh off the presses for you guys! Here are Citi-Habitats monthly statistics of rental trends in New York City. Tough market still for renters as vacancy rates are still below 1%, and came in overall at 0.81%. Chelsea leads the rental market with the least available rental inventory while Battery Park / Financial District leads the rental market with the highest vacancy rate. As you will see, rental prices for studio's and 1-BR's rose 2% and 1% respectively, with no change for 2-BR's and a slight decline of 1% for the higher end 3BR rentals.
With rents rising for studios and one bedrooms, and vacancy rates still very low, prospective purchasers are finding limited choices in rental world keeping them more interested in buying. The rent vs buy decision is a tough one and should be made based on your own specific situation; combining personal and financial circumstances. Either you need to save your way to home ownership in New York City or you have too short a timeline to own making you choose renting instead of buying. I'll get into this discussion later this week.
Here are vacancy rates broken down by neighborhood:
Here are July's rental stats: