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December 2014 Facts:
- The average Manhattan apartment rented for $3,381 during December 2014, down $13 from the month prior.
- Rents declined slightly across the board. Average pricing for studio, two and three bedroom homes all decreased by 2%. One bedroom units also declined in price, but by a negligible amount.
- The Manhattan vacancy rate increased minimally – from 1.73% in November, to 1.74% in December. However, the borough’s vacancy rate is down year-over-year. In December 2013, the rate was 1.82%.
- During December 2014, 13% of leases signed included a landlord concession, up from 11% the month prior.
Q4 2014 Facts:
- The Manhattan rental market softened during Q4 2014, when compared to the quarter that preceded it.
- The average Manhattan apartment rented for $3,401, down $93 from the quarter prior.
- Rents declined the most for studio units, where they fell by 3.8% on average. Rents for one-bedroom homes declined by an average of 2.3%, while two and three-bedroom apartments both saw average rents decrease by 2.2%.
- When examining vacancy rates, we found 1.72% of apartments to be vacant during Q4 2014, up from 1.35% during Q3.
- During Q4 2014, 10% of transactions brokered by Citi Habitats included an owner-paid incentive, up from 6% during Q3.
2014 Facts :
- 2014’s overall yearly average rent of $3,438 is higher than 2013’s average rent of $3381. In fact, 2014 marks a new high, beating the previous high (in 2012 @ $3420) by $18.
- 2014’s overall vacancy rate of 1.58% is higher than last year’s rate of 1.41%.
- When looking at concessions, 2014’s total average of 9% of leases offering an incentive is greater than 2013’s average of 7%. However, concessions are nowhere near as prevalent as they were during the depth of the economic downturn. Their use reached a peak in 2009, when a full 52% of leases included a move-in incentive.
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Additional Media & Reports
New York Luxury Towers Draw Renters to the Outer Boroughs Bloomberg – 1/15/2015
Featuring Citi Habitats president Gary Malin and our market research.