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Rents climbed, both quarter-over-quarter and year-over-year.
- When comparing Q2 2016 with the quarter that preceded it, rents increased across the board.
- Pricing for studios increased the most, with a 6.3% rise. Rents for two-bedrooms increased 3.6%. Pricing was up 3.0% and 1.9% for two- and three-bedroom apartments respectively.
- Looking year-over-year, prices also increased. When compared to Q2 2015, the average rent for studios rose 5.7%; one-bedrooms, 3.7%; two-bedrooms, 3.2% and three-bedrooms, 2.6%.
Meanwhile, the vacancy rate fell when compared to Q1 (typical for the season), but rose year-over-year.
- We found 1.69% of Manhattan apartments to be available during Q2 2016, down from 1.77% in the previous quarter. However, would-be tenants had more inventory to choose when compared to a year ago. During Q2 2015, 1.39% of apartments were vacant.
Landlord incentives are down from Q1 (again, typical for the season), but more prevalent than they were last year.
- Quarter-over-quarter, increased seasonal demand has caused the use of incentives to decline. During Q1 2016, 21% of leases signed by Citi Habitats included a landlord concession, compared to 17% during the most recent quarter. However, their use is up when compared to this time last year. During Q2 2015, incentives could be found on 11% of new leases.
While the market has strengthened when compared to Q1, it has stalled when looking at the most recent data.
- Average rents remained stable from May to June, increasing minimally for studio and two-bedroom homes, while falling slightly for one- and three-bedroom units.
- Concessions also declined during the same period, to 16% from 17% in May. However, the Manhattan vacancy rate rose – albeit slightly – from May (1.68%) to June (1.70%). This is unusual, as typically we see inventory tighten as we enter the summer months.
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