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Manhattan rental market largely unchanged in the last year and quarter

Rent

Rent (Credit: Getty Images)

Manhattan apartments are expensive and rare -- get used to it.

A new quarterly report by Citi Habitats shows that the Manhattan rental market in the first quarter of the year remained largely stable, with a 1.46% vacancy rate this March, as opposed to a 1.25% vacancy rate one year ago. Quarterly figures closely resembled monthly stats.

Rental prices for Manhattan studios increased 2.4% over the last year to $1,999. One- and two-bedroom apartments increased by 0.6% and 1.1%, to $2,714 and $3,859, respectively. Three-bedroom rentals decreased in price by 2.3% on average -- to $4,942 a month.

Citi Habitats said the slight easing of the vacancy rate could be due to fewer people looking for apartments during the freezing weather in the last three months and more people taking the plunge and purchasing because of continuing low-interest rates. Perhaps buying has also become more attractive for those seeking extra living space.

Average monthly rents for three-bedroom homes in SoHo/TriBeCa -- $7,390 a month -- eclipsed prices for the Upper East Side and Upper West Side.

The best bargains in the borough appeared to be in Washington Heights, with studios going for $1,235, one-bedrooms for $1,504, two-bedrooms for $1,854, and three-bedrooms for $2,200 -- prices substantially lower than those in other nabes.

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