Apartment Rentals in New York City – what you need to know.
Posts Tagged ‘Wall Street Journal ’
Manhattan rents show a year-over-year increase of about 10%. The number of apartments for rent in Manhattan has also dropped to a vacancy rate of only 0.72% for the quarter, the lowest vacancy rate since at least 2002.
The dog days of summer are back for apartment renters. The Manhattan vacancy rate in May fell to 0.7%, its lowest level in nearly five years, according to broker Citi Habitats. Landlord concessions, such as a free month’s rent for signing a new lease, have dried up. Average Manhattan rental prices are just a hair below their 2007 peaks.
Manhattan renters have fewer apartments to choose from these days. In another sign the rental market is starting to tighten up there were 26% fewer vacant apartments on the market last month than during the same period last year.
The form, the DBB-N, or Notice to Tenant: Disclosure of Bedbug Infestation history, is to be signed by a landlord and a new tenant when a lease is prepared, giving tenants a last chance to back out.
Last updated by at .
