Only 5% of rentals had concessions compared to 23% a year ago. Concessions are things like one month free rent etc provided by landlords to make a rental more appealing.
Average rent per square foot is $50.60, a 13% increase from a year ago.
Bottom line - it's now a landlord's market as tenants find rentals becoming more expensive. This is partly driven by a tight credit market (which makes it more difficult for tenants to buy). The vacancy rate in Manhattan is a super low 0.93%.
Visit us at Castle Avenue Partners - New York investment property
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