Manhattan Apartment Rents Increase 5.9%, Citi Habitats Reports

Manhattan apartment rents climbed 5.9 percent and rent concessions fell in the fourth quarter as rising employment helped revive demand, Citi Habitats reported.

The average monthly rent rose to $3,127 from $2,952 a year earlier, based on transactions by the company’s brokers. Concessions such as a rent-free month or payment of broker fees were offered on 22 percent of apartments in December, down from 60 percent a year earlier, New York-based Citi Habitats said.