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New York's rental market prospers, says new report.

Citi Habitats Inc. announced tremendous growth in Manhattan's residential rental market through the period of November 2003 to April 2004.

"Based on the trends over the past six months, the rental market in Manhattan has shown incredible resilience and significant growth," said Andrew Heiberger, president of Citi Habitats. "Increased hiring, elevated safety, new residential construction, big employee bonuses and a heated sales market have all been contributing factors to the increase in activity and the first increase in average rents since before September 11, 2001. More than ever, New York has become the number one destination in the world for people to live and work."

Results of the firm's market-wide studies appear in the bi-annual publication The Black and White Report, which tracks and analyzes rental activity in New York City. The report incorporates a sampling of nearly 11,000 rental agreements from over eleven-hundred doorman and non-doorman buildings and over 140 exclusive properties.

Highlights of the report for November to April 2004 include:

Market-wide in Manhattan, average rental prices for all sizes of apartments increased for the first time in over two years.

This marks a significant turning point in the rental market and the overall economic recovery of New York since 9/11.

The most expensive neighborhood in Manhattan over the past six months for studio, one-bedroom and two-bedroom apartments was SoHo/TriBeCa.

The overall vacancy rate in Manhattan is currently 1.79%. This marks a decrease from the vacancy rate in 2003 of 1.86% and a significantly lower figure than the nationwide multifamily vacancy rate of 10%.

The highest activity in new leases over the last six months was on the Upper East Side, making up for 20% of all apartments rented by Citi Habitats (over 4,350 from November 2003 to April 2004). The second highest activity in new leases was on the Upper West Side, making up for 17% of total activity in Manhattan.

The area that experienced the least amount of new leasing was SoHo/ TriBeCa, making up only 3% of all leases signed in the study group. This is due primarily to the lack of inventory in the neighborhoods and the relatively high prices that exist there.
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Title Annotation:Residential; Citi Habitats Inc.
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Nov 17, 2004
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