(Crain’s) — For the first time in eight months, the August vacancy rate rose in Manhattan residential buildings rose, hitting 1.1% in what proved to be an unusually slow month, according to latest data by CitiHabitats. That figure is up from 0.88% in July.
The monthly increase marks a major reversal in the local residential rental market, which has been strengthening for nearly a year. The vacancy rate has been declining every month since November. In July, it reached its lowest point in nearly three years, said CitiHabitats.