News Flash: Manhattan Rents Highest In Expensive Neighborhoods
Soho and Tribeca were the most expensive Manhattan neighborhoods to rent an apartment in this October, according to a new report from brokerage Citi Habitats. The average rent for all types of apartments in those wealthy havens was $4,316 last month, leaps ahead of the cheapest neighborhood surveyed - Harlem, where an apartment could be had for $1,754, on average, in October.
Meanwhile, forget about finding a decent apartment, apparently. The report says the vacancy rate for Manhattan's rental market stayed below 1 percent in October, and, in some nabes, it stayed very well below (West Village, we're looking at you).
Vacancy and rent charts for October after the jump.
- Tom AcitelliOctober 2006 Average Rents
LOCATION STUDIO 1BR 2BR 3BR TOTAL Chelsea $2,111 2,960 4,604 5,643 3,241 East Village 1,826 2,434 3,270 4,051 2,569 Gramercy 2,026 2,819 4,044 4,521 2,820 Harlem 1,278 1,517 1,907 2,315 1,754 Midtown East 1,932 2,807 3,716 7,121 2,759 Midtown West 1,944 2,628 3,321 5,627 2,645 Murray Hill 2,020 2,809 3,946 4,729 2,750 Soho/Tribeca 3,047 3,502 4,536 10,361 4,316 Upper East Side 1,735 2,374 3,356 5,496 2,566 Upper West Side 1,921 2,642 3,740 6,124 2,822 Wall Street/BPC 2,160 2,821 3,859 5,657 2,891 West Village 2,147 3,049 4,515 6,504 3,218 Average Rent 2,003 2,697 3,735 5,679 2,863 Vacancy Summary October, 2006 Neighborhood Vacancy Rate BPC / Financial Dist. 0.61% Chelsea 0.66% East Village 0.69% Gramercy 0.56% Mid-Town East 1.21% Mid-Town West 0.80% Murray Hill 1.25% Soho/Tribeca 0.37% Upper East Side 0.89% Upper West Side 0.86% West Village 0.35% Overall Vacancy 0.80%
