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- The report found that the market was a “mixed bag” during the month, which is relatively unusual for this time of year. Typically, conditions are firmly in the landlords’ favor during the summer months.
- In July 2015, the average monthly rental price for a Manhattan studio was $2,301. For one-bedroom homes, the average was $3,030. For two-bedrooms, the average rent was $4,069. Finally, the average three-bedroom apartment rented for $5,261.
- Average rents increased slightly from June for all apartment sizes, absent three-bedroom homes, where they declined by a marginal amount. Looking year-over-year, average rents were up across the board. Rents for studio apartments increased the most, by 6%. Pricing for one-bedrooms rose by an average of 5%. Rents for two- and three-bedroom homes also increased, but much more slightly. Average rents ticked up 1% for both categories.
- In July 2015, the borough-wide vacancy crept to 1.42% from June’s rate of 1.13%. Year-over-year, Manhattan’s vacancy rate also climbed. In July 2014 the borough’s vacancy rate was 1.25% (again, compared to 1.42% in July 2015).
- When examining incentives, 8% 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 July, down from 10% in June. Last month’s percentage is also higher than a year ago (July 2014) – when only 6% of new leases included an owner-paid concession.
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