News Flash: Manhattan Rents Highest In Expensive Neighborhoods

Tue, 14 Nov 2006 16:44:14 -0400

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 Acitelli

October 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%

Observer » News Flash: Manhattan Rents Highest In Expensive Neighborhoods

News Flash: Manhattan Rents Highest In Expensive Neighborhoods