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The borough-wide vacancy rate fell to 1.62%in January, the lowest Manhattan vacancy rate since September 2013’s rate of 1.48%. This decline also reverses the recent trend of month-to-month vacancy rate increases. January 2014 was the first time since May 2013 that the borough has seen the vacancy rate decline.
· In January, 13%of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants, compared to 9% in December. A year ago, in January 2013, the percentage of concessions was also lower, at 5%.
· In fact, the percentage of leases that included a landlord-paid incentive is the highest it has been in two years. The last time the percentage climbed this high was in January 2012, when the percentage also reached 13%.
- In January 2014, the average monthly rental price for a Manhattan studio was $2,029. For one bedroom homes, the average was $2,789. For two bedrooms, the average rent was $3,996. Finally, the average three bedroom apartment rented for $5,198. Month-over-month, rents increased 1% for studio, one and two bedroom homes. In contrast, rents for three bedroom apartments declined, but by a statistically insignificant amount.
· As usual, the most expensive neighborhood for renters in January 2014 was SoHo/TriBeCa, with a median rent of $4,525. Gramercy/Flatiron was the second priciest area, with a median rent of $3,325.
- SoHo/TriBeCa also the most difficult area to find available rental housing during January 2014, with a vacancy rate of 0.98%. Conditions were comparatively easier for home seekers in the East Village, which had a rate of 2.26%.
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