Lowest vacancy rate

No. 1 New York

Vacancy rate in 09Q4: 2.9%
Vacancy rate YOY change: +26.1%
Asking rent (monthly): $2,739

Demand for apartments in New York City remained stronger than in other metros, as reflected by the low vacancy rate of 2.9%, but research by Reis shows that close to 60% of all rental buildings across New York lowered their rents in the fourth quarter relative to the third quarter. The 5.6% drop in effective rents (which includes the discounts and concessions offered by landlords) is even steeper than the 3.8% decrease in 2002 following the Sept. 11 terrorist attacks, according to Reis.