Rental vacancies in Manhattan tick upwards

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Rental vacancies in Manhattan tick upwards

November 5, 2010 - Landlords in New York City have enjoyed improved rental demand as more families were moving into apartments over the past few months. However, the latest industry report shows that vacancies actually rose last month.

Citi Habitats reported that 1.24 percent of rental units in Manhattan were vacant during October, up from 1.19 percent in September and 1.1 percent in August. Average rent prices held steady for the most part across all apartment types, but even while it would appear that fewer people were moving into apartments last month, landlords remained largely positive regarding the rental market.

“What is happening now is normal. The market is still in transition," Gary Malin, president of Citi Habitats, told Crain's New York Business. "We will have to monitor the macro economy - unemployment and stock market - to determine how aggressive landlords will be with rents and concessions."

The report added that even in light of rising vacancies, the rental market still favors landlords, many of whom are seeing increased demand from former homeowners who are relocating out of their single-family properties and into apartments.

Many have noted increasing apartment demand as the nation continues to see large numbers of households facing foreclosure. RealtyTrac reported that banks repossessed a record 288,345 homes in this year's third quarter.

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