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Renters put moves on hold as average Manhattan rents remain high

While summer is typically a busy season for Manhattan real estate, a new report shows renters across the borough might be biding their time to make a move.

One57, a new luxury skyscraper apartment building designed by French architect Christian de Portzamparc which is under construction on New York City's West 57th street, is pictured April 24, 2014. Credit: Reuters One57, a new luxury skyscraper apartment building designed by French architect Christian de Portzamparc which is under construction on New York City's West 57th street, is pictured April 24, 2014. Credit: Reuters

While summer is typically a busy season for Manhattan real estate, a new report shows renters across the borough might be biding their time to make a move.

Gary Malin of real estate brokerage Citi Habitats said the group's latest numbers indicate that Manhattanites are being more deliberative about moves as the average Manhattan apartment went for $3,465 in July.

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According to the firm, Soho and Tribeca continue to clobber the market with the highest rents — from $2,800 for a studio apartment to $7,660 for a three bedroom.

Meanwhile, at the opposite end of the island, Washington Heights remains the borough's most affordable, with an average $1,250 for a studio and $2,667 for a three bedroom.

While the report said increasing rents have halted, even dipping a $5 fraction since June, vacancy rates actually jumped up to to 1.25 percent.

"This is the first time they've gone up," Malin said. "And this is the time of year when you certainly don't want to rack up vacancies."

Malin said the current rental landscape and pricing might be giving people pause, looking to the outer boroughs for their next potential home.

But it's always a give and take between landlords and prospective tenants for the sweet spot of a lease, he added, especially in Manhattan.

"It's always a dance between the right price to get people to act and the owner's feeling good about the rent that they would rent at," Malin said.

Follow Chester Jesus Soria on Twitter@chestersoria

 
 
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