Property and Portfolio Research: The vacancy rate for Manhattan rentals is now estimated at 3.7%... It is expected to shrink to 3.3% by the end of this year and to 2.9% by 2011. Renters without high salaries… are squeezing in extra roommates or making alterations... The rents for one-bedroom apartments in Manhattan average $2,567 a month, and two-bedrooms average $3,854 a month, according to data from Citi Habitats. Because landlords typically require renters to earn 40 times their monthly rent in annual income, renters of those average apartments would need to earn at least $102,680, individually or combined, to qualify for a one-bedroom and $154,160 to afford a two-bedroom.
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