Rent Goes Up in Manhattan

January 12, 2011 Updated: January 13, 2011

A rental market report for the fourth quarter of 2010, published by City Habitats, shows an increase in Manhattan rent costs across all housing categories compared to same period in 2009.

Prices for studio and one-bedroom apartments showed the steepest increase of 6.2 percent and 7.2 percent, respectively, according to the report. These types of apartments account for 75 percent of the city's rental stock.

Homeowners' readiness to offer concessions to renters has decreased over the past year, reveals the report. In December 2009, almost two thirds of rentals included some concession from the homeowner—typically one month's rent or payment of a broker's fee. At the end of 2010, however, this practice was down to 22 percent of all rental transactions.

The vacancy rate in Manhattan increased from 0.88 percent in July to 1.34 in December 2010.