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Uptown Apartment Vacancies Drop to Manhattan’s Lowest
Even as Manhattan apartment rents reached an 11-year high in August, vacancies climbed across Midtown’s East and West Sides. However, Northern Manhattan saw vacancies drop 133 basis points year over year to reach 1.15%, making this the tightest submarket in the borough, according to Miller Samuel’s Jonathan Miller.
The number of new leases uptown rose 6.7% from the previous month to 751 in August, a bigger monthly gain than elsewhere in the borough, Miller reported. However, the August figure for Northern Manhattan was down 10.7% Y-O-Y—a steeper annual decline than in Downtown or the East Side, but lower than the 16.7% drop on the West Side.
Median rents in Northern Manhattan registered a smaller Y-O-Y increase than in the three other submarkets as tracked by Miller. They were up 1% Y-O-Y in Northern Manhattan, while the submarket’s August median of $2,425 was Manhattan’s lowest.
Pictured: Jonathan Miller
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