Signs of an uptick in the economy are showing. Rental vacancy rates in both Battery Park City and Tribeca/Soho are amongst the lowest in Manhattan. Battery Park City is shows only 1.04% vacancy rate while Tribeca shows half that at a o.52% vacancy rate — according to theÂ Wall Street Journal. It should also be noted that theÂ numbers for Tribeca also include a large section of the Soho area bordering the East Village boundaries.
The rates compiled from Citi-Habitats a real-estate brokerage the city wide vacancy rate was 1.23% of apartments in April were vacant which is a significant drop from April 2009 which was at 2.28%.
For those of us who live here, that’s fantastic news! For those who want to live here — the market is no longer on their side to find housing in our area.
The vacancy rate is inversely proportional to the job market. Lower rental vacancies indicate that there is strength in the job market.
One downside to a low vacancy rate in our area are longer lines at the grocery store. Still good news all around for the economy.