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- In April 2015, the average monthly rental price for a Manhattan studio was $2,116. For one-bedroom homes, the average was $2,976. For two-bedrooms, the average rent was $3,986. Finally, the average three-bedroom apartment rented for $5,120.
- When compared to March 2015, average rents in April increased a negligible amount for studio apartments. Pricing for one-bedroom units increased the most, by an average of 3%. When examining larger-sized apartments, we found that average rents for two- and three- bedroom homes both increased by 1%.
- Looking year-over-year, average rents are a mixed bag. Average rents for one-bedroom units climbed by a relatively substantial 7% from April 2014, while pricing for studios increased 1% on average. In contrast, average rents for two- and three- bedroom apartments decreased by 1%.
- During the month, the borough-wide vacancy fell to 1.37% from March’s rate of 1.50% and is the lowest Manhattan vacancy rate we have seen since August 2014, when the rate was 1.27%.
- The year-over-year vacancy rate is nearly unchanged, and reflects the seasonal nature of the city’s rental market – as similar patterns tend to occur year after year. The Manhattan vacancy rate was 1.36% last April (again, compared to 1.37% in April 2015).
- When examining incentives, 11% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in April, down from 12% in March.
“Manhattan’s rental market continues its seasonal shift to the landlords’ favor,” commented Gary Malin, President of Citi Habitats. “The number of apartment seekers increased substantially during April, thus increasing demand. However, move-in incentives proved necessary for some building owners, as rents are still considered comparatively high in the minds of many tenants. We saw an especially large jump in pricing for one-bedroom apartments. Rents for this sized home climbed 7% year-over-year, which impacts a lot of renters. One-bedroom units make up a large segment of the market and are always in highest demand.”
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