NEW YORK CITY-Midtown Manhattan median apartment rents dipped 3.1% in September to $3,095, which marked the first time since June 2011 that rental rates had fallen there.
The vacancy rate for Midtown Manhattan apartments rose to 2.66% in September, according to a report released today by appraisal firm Miller Samuel Inc. and brokerage firm Douglas Elliman Real Estate. The September multifamily vacancy was the second highest rate in three years. In September 2012 the rate stood at just 1.85%.
The report says a sharp increase in mortgage rates has promoted some renters into the sales market, according to Bloomberg News. Manhattan home purchases rose to the highest level since 2007 in the third quarter of this year, Miller Samuel and Douglas Elliman reported last week.
“Where did those people come from? They came from the rental market,” Jonathan Miller, president of Miller Samuel, said. “The spike in rates pulled people out of the rental market into purchase market. You can see that in the vacancy rate.” See story at Bloomberg News.
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