Average Rents Climb in June

NEW YORK—A new report by Citi Habitats shows the average Manhattan rent hit $3,443, the highest since the firm started tracking the data in 2002.

The second quarter (Q2) average rent of $3,437 was $169 more than the Q2 average last year of $3,268.

In the report, which shows both Q2 and June data, the vacancy rate last month was just over 1 percent, growing from June 2011’s rate of 0.69 percent.

The report noted landlord concessions, or when a landlord offers one month free rent and/or no broker’s fee, remained low, which may be because “home seekers who have the option may be waiting for the slower fall months to make a move.”

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