This week's New York City residential real estate news:

 

Citi Habitats releases first peak season rental report

  

Citi Habitats released its first-ever peak season rental report this week, analyzing Manhattan’s rental market performance during the industry’s peak months: May through August. The data, compiled using Citi Habitats' 5,700 closed transactions, compares average rents in studios and one-, two- and three-bedroom units, and shows prices dropping. Average rents across the borough -- excluding incentives -- dropped by 8 percent or more between May and August 2009, compared to the same four months in 2008, with studio apartments and two-bedroom apartments showing the steepest drop at 11 percent. See Citi Habitats' NY's full reports here.