Apartment Demand Rises, Owners End Concessions

In the past few months, Manhattan rents have continued to rise and vacancy rates have hit a new low, according to reports released on July 8 by Citi Habitats. Manhattan's apartment vacancy rate was 0.72 percent in the second quarter, the lowest vacancy rate that Citi Habitats has seen since it started tracking vacancies in 2002. The last time the rate was nearly this low was in second quarter of 2006, when it was 0.76 percent.