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- The report found that the market remained stable overall, but most metrics shifted slightly to the landlords’ favor. The market remains in an uneasy equilibrium – with asking rents just about to their breaking point, while vacancy rates remain at higher levels than in summers past.
- In August 2015, the average monthly rental price for a Manhattan studio was $2,244. For one-bedroom homes, the average was $3,079. For two-bedrooms, the average rent was $4,082. Finally, the average three-bedroom apartment rented for $5,329.
- During August, average rents fell 2% for studio units, while they increased for 1- and 3- bedroom homes by 2% and 1% respectively when compared to the previous month. Average pricing also increased for 2-bedroom apartments, but by a minimal amount. Looking year-over-year, average rents were up across the board.
- In August 2015, the borough-wide vacancy fell to 1.40% from July’s rate of 1.42%. Despite the recent declines, there were still more available apartments on the market during the second half of the summer when compared to earlier months. June’s vacancy rate was 1.13%, while only 1.07% of Manhattan apartments were vacant in May of this year. Year-over-year, Manhattan’s vacancy rate also climbed. In August 2014 the borough’s vacancy rate was 1.27%.
- When examining incentives, 7% 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 August, down from 8% in July. Last month’s percentage is slightly higher than a year ago (August 2014) – when only 6% of new leases included an owner-paid concession.
“Manhattan rents have plateaued at high levels, but apartment seekers now have the freedom of choice – hence the higher summer vacancy rates,” commented Gary Malin, President of Citi Habitats. “The outer boroughs increasingly offer rental product with finishes and amenities that appeal to Manhattan sensibilities –while offering better value. In addition, a more pro-tenant atmosphere may be on the horizon. Typically, as the weather cools, so does the Manhattan rental market.”
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