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Rents were a ‘mixed bag,’ but most recently have been trending downward.
- When comparing September to August, pricing decreased for Manhattan apartments overall. However, rents were up year-over-year for studio and one-bedroom homes – while they remained flat for two-bedroom and fell for 3-bedroom units.
- In Brooklyn, rents for studio and two-bedroom apartments fell 2% since August, while they declined 1% for one-bedroom homes. In contrast, rents climbed 2% for 3-bedroom units.
Meanwhile, Manhattan vacancies are on the rise.
- When examining vacancy rates across Manhattan, we found 1.80% of apartments to be available during September 2016, up from 1.73% in August. In fact, the vacancy rate for September 2016 was the highest tracked for the month of September since 9/2009, when 1.83% of homes were unoccupied.
Landlord incentives were found in over a quarter of new leases.
- The prevalence of landlord incentives for Manhattan apartments increased substantially, both month-over-month and year-over-year. In September 2016, a full 28% of new leases included a concession, compared to 19% in August and 10% in September 2015. June 2010 was the last time move-in incentives were this prevalent – when they were also found in 28% of leases.
“September’s data illustrates how price-sensitive the New York rental market has become. Landlords have rebounded nicely since the ‘great recession’ with average rents surpassing pre-recession highs. While there remains demand in the marketplace, many building owners have to rely on incentives to give tenants the sense of ‘value’ they seek.
And there’s a lot of new inventory out there. Our research department found that in Manhattan, Brooklyn and Western Queens, over 10,700 new market rate units are currently leasing. However, savvy owners will do what it takes to move their available inventory as fall progresses – be it adjusting rents or increasing move-in incentives further. In the end, all new product will be absorbed. “
– Gary Malin, President of Citi Habitats
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