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Q1 2015 Facts:
- From Q4 2014 to Q1 2015, average rents for studio apartments increased the most, with an approximate 4% jump. Rents for one-bedroom homes increased 2%, while two-bedrooms were, on average, 1% more expensive. In contrast, rents for three-bedrooms fell by 1%.
- Year-over-year, average Manhattan rents increased for smaller apartment sizes, while they declined for larger-sized homes. Rents for studios climbed approximately 5%. One-bedroom rents increased by 3%, while pricing decreased for both two- and three-bedrooms. From Q1 2014, average rents fell 2% and 1% respectively.
- We found 1.52% of apartments to be vacant during Q1 2015, down from 1.72% in Q4 2014. The vacancy rate is also down slightly when compared to a year ago. During the first quarter of 2014, the rate was 1.54%.
- During Q1 2015, 12% of transactions brokered by Citi Habitats included an owner-paid incentive, down slightly from 13% during Q4 2014 – and unchanged from Q1 2014, when the rate was also 12%.
- Month-over-month, we saw rents climb slightly from February for studio and one-bedroom apartments (by 3% and 2% respectively), while they declined by 2% for both two- and three-bedroom homes.
- Year-over-year, average rents for Manhattan studios and one bedroom units both increased by 4% when compared to March 2014, while they declined 2% and 3% for two- and three- bedroom homes respectively.
- The Manhattan vacancy rate rose slightly month-over-month, from 1.45% in February to 1.50% in March. It also climbed slightly year-over-year. It was 1.46% in March 2014.
- During March 2015, 12% of leases signed included a landlord concession, unchanged from the month prior – and from a year ago.
“When compared to the fourth quarter of 2014, overall market conditions have shifted slightly towards the landlord’s favor. Currently, the Manhattan rental market has reached a state of ‘equilibrium.’ Some landlords have used move-in concessions to keep their “face rents” high, but overall, they have been able to successfully lease apartments to a weary, but willing, pool of would-be tenants. All-in-all, the market should remain stable – but expensive – as we enter spring.” – Gary Malin, President of Citi Habitats
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