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Manhattan’s residential rents set another record

Manhattan’s residential rents set another record

25 May 2012 11:46 (UTC +04:00)

Baku - APA-Economics. Manhattan’s apartment-rental rates, already above prerecession levels, continued climbing in April as landlords held their iron grip on a supply-constrained market, APA reports quoting Reuters.

The average Manhattan apartment rented for $3,429 last month, climbing 3% from a year ago and striking another all-time high, according to a monthly report to be released Wednesday by brokerage Citi Habitats.

The vacancy rate came, meanwhile, in at 1.16%, down from March’s 1.25%. That leaves few units up for grabs ahead of the busy summer leasing season, making it likely that rents will climb as the vacancy rate is whittled further in coming months.

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