Manhattan vacancy rates rise in August

Manhattan vacancy rates climbed during August.

Property management companies in Manhattan experienced higher vacancy rates during August than that month experienced in the past three years, according to a report from Citi Habitats.

August's vacancy rate was approximately 1.2 percent, which was slightly higher than the same point in 2011, when it was 1 percent. The last time the figure was higher than this was more than 1.6 percent during August 2009, the report explained.

Apartment rents continued to rise in August, as well. The report noted that the average rental rate during the month exceeded $3,460, which made it the highest level since the report was created in 2002.

"We are currently experiencing the best conditions for apartment seekers that we have seen for several months," Gary Malin, president of Citi Habitats, told the New York Daily News. "Rents may decrease and incentives will likely creep back."

The report added that the average lease rate for Manhattan properties rose to $3,394 in August. This was 2 percent higher than the market peak, which occurred in 2007.

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