Articles Archive for 8 July 2011
Brokers Weekly, Construction & Design, Featured »
Brokers Weekly, Featured »
By Roland Li
Manhattan rents are shot up as vacancy rates remained low, according to second quarter reports released last week by Citi Habitats and Prudential Douglas Elliman. Citi Habitats reported rent increases between 2.4% to 4.9% for studios, one, two and three bedrooms, compared to the first quarter of 2011. Rents were up between 9.1% and 11.3% compared to the second quarter of the previous year. The data is based on Citi Habitats’ closed transactions during the time periods. The brokerage had a vacancy rate of 0.72%, the lowest number since the firm began tracking the data in 2002.