Report: Manhattan’s vacancy rates are highest in the East Village (but rent is still going up)

Let's get to some takeaways from the most recent rental outlook via the Elliman Report.

From Curbed:

While median rental prices climbed for the 21st consecutive month, the vacancy rate is the highest it's been in nine years, which means landlords are being forced to offer tenants more concessions on rentals, explains data whiz Jonathan Miller, the author of the Elliman Report.

From DNAinfo:

Miller doesn’t expect to see big rent drops anytime soon since there is still a lot of “pressure” on the rental market — there’s a “robust” economy as well as tight credit and the potential of rising mortgage rates, which prevent some renters from becoming buyers.

But affordability continues to be a big issue, Miller said.

According to Gary Malin, president of Citi Habitats, Manhattan’s vacancy rates were highest in the East Village (3.2 percent), followed by the West Village (2.6 percent).

“The fact that vacancy rates are the highest in the East and West Villages is strong evidence that for apartment seekers, paying high prices for small spaces no longer adds up,” Malin said.

Malin said the “party’s over” for landlords, as inventory has been “trending upward for the past six months,” giving renters more options.

Surprise! Surprise! will close at the end of April

Surprise! Surprise!, the reasonably priced housewares store that has anchored the northeast corner of Third Avenue and East 12th Street for more than 25 years, is closing at the end of April, employees confirmed yesterday.

An obvious reason is behind the closure: The rents have gotten too high, a store employee said yesterday. (The staff first learned of the closure this past Friday.)

Surprise! Surprise!, which has furnished its share of apartments and dorm rooms through the years with everything from picture frames to shower curtains, will be having a 20-percent-off sale now through the end of April.



This is, of course, a highly desirable space with its proximity to NYU and Union Square.



On the southwest corner of this intersection, Westside Market NYC will anchor the base of the all-new retail-residential complex at 84 Third Avenue. The store will feature WiFi and state-of-the-art checkout counters.

One final thought … given its proximity to NYU, you'd think a store like this would be a goldmine … though NYU pointed parents and their incoming students elsewhere on the school's annual move-in day…



Thanks to EVG Facebook friend Jacquelyn Gallo for the tip.