Enticed by perks from semi-desperate landlords, Manhattan renters signed 7,061 new leases in August. But, there are still plenty of open apartments available.
BloombergPursuits reports that the vacancy rate in the borough rose to 2.27 percent, up from 2.14 percent last August. Manhattan had nearly 7,500 apartments listed for rent at the end of last month, the most on record.
To fill the apartments, many of which are newly built, landlords have cut or leveled off prices, and have offered concessions including a free month’s rent.
Renters responded enthusiastically, signing 12 percent more leases than a year earlier, not including renewals. That kept pricing stable, too. The median Manhattan rent, after concessions were subtracted, was $3,377 last month, up 0.5 percent from August 2016.
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers
