Manhattan vacancies increase slightly, residents could see lower rent

According to a recent report from Citi Habitats, the rental vacancy rate in Manhattan have increased slightly, leading some to believe that relief from the breakneck rent increases may soon be on the horizon.

The overall vacancy rate in the city went from 1.01 percent in June to 1.2 percent in July. Vacancy rates in certain parts of the city are even more encouraging – the East Village reports a rate of 1.65 percent, and the Upper East Side rate is 1.56 percent. In some of the more popular neighborhoods, like Gramercy and SoHo, rates are still close to 0.8 percent. Regardless, compared with the rate of 0.86 percent in July of 2011, it appears that Manhattan's apartment rush has finally started to soften.

Rents in Manhattan, however, have not yet seen a comedown. Rental rates in the city were still increased this month, by 1 percent, adding to the overall 3 percent increase since last year. But with the increased vacancies, many are hoping that rent increases will eventually slow, according to the New York Daily News.

Renters in Manhattan who have been scouring apartment websites and listings for an acceptable apartment at a decent price may still be out of luck, but at least there is potential for a light at the end of the tunnel.