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:
Posted by nina
Wed Aug 8th, 2007 11:17 AM
can we get this for LA as well?
Posted by Noah
Wed Aug 8th, 2007 11:34 AM
unfortunately I dont have access to that data. Wish I did.
Posted by New york rental
Wed Apr 8th, 2009 08:39 PM
Hi,
Nice blog.
The statistics given were really helpful.
Thanks for sharing.
Posted by anonymous
Tue Jul 21st, 2009 03:51 PM
can we get an update for this?
Posted by TOV Research
Thu Jun 17th, 2010 01:44 PM
We have some data on rent reductions and time to release vacant apartments.
This data would be a wonderful addition to our stats for property tax appeals. Please resume publication. It will increase you site traffic.