3rd Quarter 2009 Report – Manhattan Residential Rental Market

Posted in Market Conditions, Renting on November 4, 2009 at 11:07 pm

Average Rents 3Q 2009

Market-wide for Manhattan, the average 3Q 2009 rental price for a studio was $1,760, representing a decrease of .3% from 2Q  2009; a one bedroom, $2,423 representing a decrease of .2% from 2Q 2009; a two bedroom, $3,481 representing a decrease of 1.9% from 2Q 2009; and three bedroom, $4,591 representing a decrease of 1% from 2Q 2009.

Vacancy Rates 3Q 2009

The overall vacancy rate for Manhattan for 3Q 2009 was 1.71% representing a decrease of 0.17 in the vacancy rate from the 2Q 2009 rate of 1.88%. A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .1.08%, while the Upper East Side, at 2.41%, ranked highest.

Please click on the image to view the Manhattan Residential Rental Market 3rd Quarter 2009 Report.