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Q3 2015 Facts:
- Quarter-over-quarter, rents were up across the board. During Q3, average rents for studio apartments increased the most from Q2, with a 2.7% rise. Rents for one-bedroom homes rose by 1.5% on average, while pricing for two- and three-bedroom units climbed 1.8% and 2.2% respectively.
- As for vacancy, we found 1.51% of apartments to be available for rent during Q3, up from 1.39% in the second quarter of the year.
- 8% of transactions brokered by Citi Habitats included some form of move-in incentive, compared to 11% during the second quarter of 2015.
- When compared to August, rents remained stable for studio, two- and three-bedroom apartments, while they declined 1% for one-bedroom units.
- The vacancy rate rose month-over-month, from 1.40% in August, to 1.62% in September.
- In September, 10% of leases included a move-in incentive, up from 7% in August.
“Manhattan rents have plateaued at high levels, but apartment seekers are increasingly seeking better value in the outer boroughs – hence the higher vacancy rates. The good news for renters is that a more pro-tenant atmosphere may be on the horizon. Typically, as the weather cools, so does the Manhattan rental market.”
Gary Malin, President of Citi Habitats
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