“There remains a disconnect between what tenants can afford to pay, and what landlords believe tenants can afford to pay.”
A newly released report found that despite a slight decline in rents across the board in Manhattan and increases in landlord incentives, there is still a disconnect between what landlords are offering and what tenants can afford to pay.
Citi Habitats released its Rental Market Analysis for November 2016 Thursday, showing that the borough’s vacancy rose to 2.11 percent — the highest rate in more than seven years.
On average, apartments in the borough rented for $3,490 in November 2016, $8 less than the previous month. This decrease came to a 1 percent dip in all size units, from studios to three-bedrooms. But on a year-to-year comparison, rents increased by $26.
November’s vacancy rate increased from both the previous year, and at 2.11 percent is the highest it’s been in Manhattan since April 2009, according to Citi Habitats data. Specifically, the vacancy rate was highest in the West Village at 2.69 percent, followed by the Upper West Side at 2.23 percent.
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