Contact me here to discuss any upcoming vacancies and/or pricing of your apartments, or the purchase and sale of a multifamily property.
- In December 2019, rents for Manhattan studios declined – by an average of 2% – when compared to November. However, rents climbed slightly for other apartment categories in the borough. Average pricing increased by just $4 for one-bedroom homes, while rents for two- and three-bedroom units increased 2% and 1%, respectively.
- In Brooklyn, rents were down across the board month-over-month. Pricing for studio, one- and two-bedroom homes all declined 1%, while rents were down 2% for three-bedroom apartments.
- While rents have recently stabilized, pricing has climbed in both communities year-over-year. Overall, rents rose an average of 5% in Manhattan – and 7% in Brooklyn – since December 2018.
- After falling steadily for six straight months (from December 2018 to June 2019), Manhattan’s vacancy rate has been on an upswing. From its low of 1.02% in June, inventory has climbed for the last six months – reaching 1.40% in December.
- However, Manhattan’s vacancy rate remains lower than it was at this time last year. In December 2018, 1.60% of apartments in the borough were vacant.
- The percentage of leases that included a move-in incentive rose to 29% in December, from 27% in November. Year-over-year their use remained stable (they were also found on 29% of leases in December 2018).
- When comparing boroughs, concessions continue to be much more prevalent in Brooklyn. In December, 40% of leases in the borough included an incentive, versus 21% in Manhattan.
“In the short term, conditions for apartment seekers improved as the quarter progressed. If tenants were willing to search for a new home over the holiday season, there were values to be had – comparatively speaking. However, the big picture reveals a different story, as the market has shifted in favor of landlords when compared to a year ago. The ongoing uncertainly in the city’s sales market continues to boost the long-term demand for rentals. When in doubt, people rent.”
– Gary Malin, President of Citi Habitats
Tagged: Central Park West Apartment, manhattan apartment, manhattan co-op, Manhattan condo, manhattan coop, Manhattan Real estate, manhattan real estate agent, manhattan real estate broker, New York city apartment, New York City Real estate, new york city real estate agent, upper west side apartment