Rents Rise as NYC Vacancy Rates Continue to Fall

Even with the addition of over 7,000 residential units from developers throughout New York City, the Wall Street Journal is reporting that vacancy rates fell from last quarter and rents continue to rise.  In broad terms the average rent in NYC is within reach of $2,800 and vacancy for all boroughs is just above 3%. 

As noted in many posts, averages and trends are generally good when confined to areas as small as NYC, but due to the huge changes from borough to borough it is still not the best picture you can get.  For instance, in Manhattan, the November report put vacancy rate at 1.29% (0.63%-1.78% by neighborhood) and average rents were around $3,000.  We are still waiting for the Q4 2010 results for a full picture of the current NYC/Manhattan markets.