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
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds that beach homes are the most sought-after vacation-home type, and the investment potential of a second home is an important factor in homebuyers' purchasing decisions
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable