October 2014 Facts:
- In October 2014, the average monthly rental price for a Manhattan studio was $2,075. For one-bedroom homes, the average was $2,833. For two-bedrooms, the average rent was $3,927. Finally, the average three-bedroom apartment rented for $5,233.
- Rents increased 1.8% for studio apartments when comparing October 2013 to October 2014. They decreased a negligible amount for one-bedroom homes, while declining 3% for two-bedroom units. Finally, average rents for three-bedroom apartments fell 1.9% year-over-year.
- As usual, the most expensive neighborhood for renters in October was SoHo/TriBeCa, with a median rent of $5,350. The Financial District/Battery Park City was the second priciest area, with a median rent of $3,650.
- The least expensive area for renters in Manhattan during October 2014 was Washington Heights, with a median rent of $1,800. When examining neighborhoods below 96th Street, the Upper East Side’s median rent of $2,200 was the lowest of all areas in this section of the borough.
- With a vacancy rate of 1.11%, SoHo/TriBeCa was the area with least inventory in October 2014, followed by Chelsea at 1.30%. On the other end of the spectrum, the vacancy rate was highest in the East Village. Last month, 2.24% of rental units in the neighborhood were vacant. Midtown East was the area with second-highest percentage of available homes, with a vacancy rate of 2.03%.
- When comparing the borough’s vacancy rate year-over-year, there was still less inventory on the market in October 2014 than there was last October, despite the recent vacancy rate increases. In October 2013, the Manhattan vacancy rate was 1.65%, slightly higher than October 2014’s rate of 1.62%.
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