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Q2 2015 Facts:
- The Manhattan rental market strengthened during Q2 2015, when compared to the quarter that preceded it. ighest we have noted since we started tracking this statistic in January 2002.
- Average rents for one-bedroom units increased the most from Q1, with a noteworthy 4.4% jump. Studio apartments rose in price by 3.1%, while gains were less pronounced for two- and three-bedroom homes, where they rose 1.9% and 1.7% respectively.
- When examining vacancy rates, we found 1.39% of apartments to be vacant during Q2 2015, down from 1.52% during Q1.
- During Q2 2015, 11% of transactions brokered by Citi Habitats included an owner-paid incentive, down slightly from 12% during Q1.
- During June we saw rents rise by 2% for studio and three-bedroom units and 1% for two-bedroom homes when compared to the month prior. In contrast, the average cost of a one-bedroom home fell by 1%.
- Available inventory ticked up. Manhattan’s vacancy rate rose slightly month-over-month, from 1.07% in May, to 1.13% in June.
- During June 2015, 10% of leases signed included a landlord concession, down from 12% the month prior.
“With new grads and college students arriving in Manhattan en masse, it’s always ‘survival of the fittest’ during the summer months. In addition, a lack of ‘starter’ for-sale inventory is keeping many frustrated would-be buyers in the tenant pool, thus crowding the market even further. Tenants may have been thrown a life preserver – albeit a small one – due to the fact rents dropped slightly for one-bedroom homes and the vacancy rate ticked up in June. We will see if these trends continue, but unfortunately for apartment seekers, we expect conditions to remain competitive until fall arrives.”
– Gary Malin, President of Citi Habitats
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