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Browsing Tags manhattan apartment

July 2019 Manhattan and Brooklyn Rental Market Report

August 19, 2019 · by Adam Ashkenas

Contact me here to discuss any upcoming vacancies and/or pricing of your apartments, or the purchase and sale of a multifamily property.

In July 2019, the average monthly rental price for a Manhattan studio was $2,617. For one-bedroom homes, the average was $3,434. For two-bedrooms, the average rent was $4,408. Finally, the average three-bedroom apartment rented for $5,927.
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,538 per month on average. For Brooklyn one-bedrooms, the average rent was $3,142 – while rents for two- and three-bedrooms clocked in at $4,159 and $5,383 respectively
In July, the Manhattan vacancy rate was 1.11% – up from June’s rate of 1.02%. This is the first time the vacancy rate has increased – after falling steadily for six consecutive months.
When examining concessions, 26% 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 July – up slightly from 25% in June. These move-in incentives continued to be much more prevalent in Brooklyn, where they were found on 42% of leases, than in Manhattan (@ 19% of leases).

*****

“Rents in Manhattan and Brooklyn climbed to new heights in July. However, this higher pricing caused an uptick in the vacancy rate, which is unusual for summer,” explained Gary Malin, President of Citi Habitats. “In the interest of affordability, many renters became more flexible in terms of neighborhood, or postponed their search to when conditions will be more tenant-friendly. With tenants’ budgets stretched to the limit, even the smallest rent increases can have a big impact.”

June & Q2 2019 Manhattan and Brooklyn Rental Market Report

July 22, 2019 · by Adam Ashkenas

Contact me here to discuss any upcoming vacancies and/or pricing of your apartments, or the purchase and sale of a multifamily property.

PRICING TRENDS

When looking at the most recent data for June, we found that month-over-month, rents rose for all apartment categories in both Manhattan and Brooklyn.
Rents also climbed across the board in both boroughs year-over-year. Overall, rents rose an average of 7% in Manhattan – and 5% in Brooklyn – since June 2018.

VACANCY

In June, the vacancy rate fell to 1.02% – from 1.08% in May. In fact, the last time there was less inventory available for rent was in June 2012 (exactly seven years ago), when the vacancy rate dipped to 1.01%
The rate is also lower than it was at this time last year. In June 2018, 1.32% of apartments in the borough were vacant.

CONCESSIONS

The percentage of leases that included a move-in incentive fell to 25% in June, from 28% in May. Year-over-year, their use also declined (from 27% in June 2018).

When comparing boroughs, concessions continue to be much more prevalent in Brooklyn. In June, 39% of leases in the borough included an incentive, versus 17% in Manhattan.

*****

“The summer season is in full swing, and rental housing is in strong demand. The vacancy rate has fallen for six consecutive months, and has reached a seven-year low. While their use is down considerably, move-in concessions remain an important tool in this busy, but price-sensitive, marketplace. They are an effective way for owners to keep their face rents high, while still providing a sense of ‘value’ to apartment-seekers.”

Gary Malin, President of Citi Habitats

Q2 2019 Manhattan and Brooklyn Sales Market Report

July 16, 2019 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.

OVERVIEW:

Closed sales rose 5% annually, the first year-over-year increase in sales since 2017. New development closings pushed sales higher, as resales weathered another drop in sales.
Contracts signed fell a minimal 1% versus last year to 3,083. Signed contracts spiked in April, likely due to changes in state transfer and mansion taxes, but fell year-over-year in both May and June.
Days on market increased by 18% annually to 132 days on average. This was the most amount of time that Manhattan apartments have spent on the market in six years.
Inventory rose 15% year-over-year to 8,174 units, the first time that the Manhattan market has surpassed 8,000 listings since 2011. Fewer signed contracts and more new development building launches pushed supply levels higher.
Median price rose for the first time in five quarters, up 11% annually to a record high. Fewer resales and more development sales pushed the market share of closings into higher price ranges this quarter.
Average price-per-square-foot was essentially unchanged with last year. Drops in in average resale price per square foot were offset by the year-over-year increase in new development sales, which generally trade at a premium to resale co-ops and condos.

OVERVIEW:

Although Brooklyn sales fell short of last year’s best spring season on record, Second Quarter 2019 was still relatively strong.
Over 1,500 apartments closed between April and June, one of the highest recorded sales figure for any second quarter in the past decade.
The difference this quarter versus prior second quarters, is that new development sales comprised their highest share of closing figures in seven years, yet most of these contracts were signed in earlier years.
Closings in the resale market, a more direct snapshot of recent sales activity, underperformed and reached a six-year low.
Yet, despite the easing sales activity, which caused inventory to increase by 11%, properties that did sell did so with fewer days on market than last year.
A few signs of strength in the Brooklyn market emerged this quarter, including increased sales across all product types in the $1M to $2M price range. Nearly one-quarter of all buyers transacted in this price segment, the highest share on record.
Overall average and median price rose to its highest point since early 2017 and notably, the resale condo median price figure set a new record.

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May 2019 Manhattan and Brooklyn Sales Market Report

July 3, 2019 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

In May 2019, the volume of condo sales was 9% lower compared to last year – while co-op sales fell 10% during the same period.
Price statistics declined for each apartment type. Overall condo and co-op average and median price figures dropped year-over-year – as the number and market share of sales over $3 million declined.
Listed inventory for condos and co-ops increased 6% and 9% year-over-year, respectively.
Average days on market subsided slightly for condos, but rose among co-ops versus this time a year ago.
Negotiability remained the norm for both product types, with condos averaging a 3.4% discount and co-ops reaching a 2.4% discount from last ask.

Brooklyn Trends:

In May 2019, median price rose 6% year-over-year, driven by an increase in the market share of sales over $1 million versus last year.
However, average sale price remained essentially flat, up 1% year-over-year, due to fewer deals at the top of the market over $4 million.
Nevertheless, average price-per-square-foot still rose 3% year-over-year, due in large part to a 13% increase in pricing (per sq. ft.) for 3+ bedroom homes.
Contract activity fell 18% compared to last year as low buyer confidence continues throughout the market. The market uncertainty was also reflected in the 18% year-over-year increase in days on market versus May 2018.
The number of additional new listings increased 3% compared to last year and rose 12% compared to April 2019.
As inventory rose amid lower demand, average negotiability increased nearly 2% year-over-year.

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May 2019 Manhattan and Brooklyn Rental Market Report

June 21, 2019 · by Adam Ashkenas

Contact me here to discuss any upcoming vacancies and/or pricing of your apartments, or the purchase and sale of a multifamily property.

In May 2019, the average monthly rental price for a Manhattan studio was $2,543. For one-bedroom homes, the average was $3,316. For two-bedrooms, the average rent was $4,322. Finally, the average three-bedroom apartment rented for $5,933.

Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,512 per month on average. For Brooklyn one-bedrooms, the average rent was $3,050 – while rents for two- and three-bedrooms clocked in at $3,974 and $5,163

In May, the Manhattan vacancy rate was 1.08% – down from April’s rate of 1.23%. This is the fifth consecutive month where the vacancy rate fell, and the lowest rate we have seen since back in May 2015 (when 1.07% of apts. were vacant).

When examining concessions, 28% 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 May –down from 32% in April. These move-in incentives continue to be much more prevalent in Brooklyn, where they were found on 40% of leases, than in Manhattan (@ 19% of leases).

*****

“May was a comparatively strong month for building owners. Rental housing was in demand – due, in part, to an influx of students and new grads – as well as would-be buyers who have taken a ‘wait and see’ approach to the city’s sales market,” explained Gary Malin, President of Citi Habitats. “Landlords have been quick to capitalize on the favorable shift in conditions. Rents have been inching upward, while concessions continue to fall away. If current trends continue, tenants will face a more challenging market this summer than they have seen in years.”

April 2019 Manhattan and Brooklyn Sales Market Report

May 22, 2019 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan.

Manhattan Trends:

In April 2019, conditions in Manhattan’s condo and co-op markets diverged.
Condominiums saw stable contract activity compared to last April, while co-ops saw a substantial double-digit increase.
Overall condo average and median price figures declined versus last year – as the number and market share of sales over $5M declined.
Resale coop average and median price, however, registered year-over-year increases as the number of sales over $2M improved.
Both condos and co-ops saw average price-per-square-foot decline versus a year ago as buyers, on average, chose more space over prime locations.
Listed inventory grew by just single digits, a relatively limited increase compared to more than a year of double-digit increases.
Average days on market rose for condos, but subsided among co-ops.

Brooklyn Trends:

During April, the median sales price in Brooklyn rose 13% year-over-year, driven by sales over $4M in prime neighborhoods such as Park Slope and Williamsburg.
But strong activity in southern Brooklyn kept the average sale price flat versus a year ago.
The market share of sales under $1M increased compared to last year. The average price per square foot declined 11% year-over-year and was the lowest figure since September 2018.
Contract activity increased 7% compared to last year and remained level compared to last month due to strong activity in Greenpoint, Carroll Gardens and Cobble Hill.
Days on market increased 39% year-over-year but declined 12% compared to March 2019; it still remained above the Brooklyn three-year average.
The number of additional new listings declined 16% compared to last year but rose 2% compared to March 2019.

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April 2019 Manhattan and Brooklyn Rental Market Report

May 10, 2019 · by Adam Ashkenas

Contact me here to discuss any upcoming vacancies and/or pricing of your apartments, or the purchase and sale of a multifamily property.

In April 2019, the average monthly rental price for a Manhattan studio was $2,530. For one-bedroom homes, the average was $3,314. For two-bedrooms, the average rent was $4,300. Finally, the average three-bedroom apartment rented for $5,926.
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,475 per month on average. For Brooklyn one-bedrooms, the average rent was $3,033 – while rents for two- and three-bedrooms clocked in at $3,887 and $5,086
In April, the Manhattan vacancy rate was 1.23% – down from March’s rate of 1.33%. This is the fourth consecutive month where the vacancy rate fell, and the lowest rate we have seen since way back in June 2015 (when 1.13% of apts. were vacant).
When examining concessions, 32% 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 April –up from 29% in March. These move-in incentives were much more prevalent in Brooklyn, where they were found on 45% of leases, than in Manhattan (@ 22% of leases).

*****

“Landlords were feeling confident in April. Instability in the sales arena, coupled with the seasonal increase in demand, caused the vacancy rate to fall to the lowest level in nearly four years,” explained Gary Malin, President of Citi Habitats. “As a result, many chose to raise asking rents slightly – but continued to lean on incentives to attract clientele at these new higher prices. With tenants’ budgets stretched to the limit, it’s imperative for owners to offer a sense of value… even in an improving market.”

Q1 2019 Manhattan and Brooklyn Sales Market Report

May 1, 2019 · by Adam Ashkenas

Contact me here for assistance with buying or selling a home in Manhattan and Brooklyn.

OVERVIEW: LOWER PRICES AND RISING INVENTORY

Closed sales declined by 5% annually. Resale co-ops declined a minimal 1% while resale condo and new development sales fell by deeper percentages year-over-year.
Contracts signed fell year-over-year for their fifth straight quarter, down 6% versus a year ago. Buyers continue to hesitate amid a variety of market and external factors.
Days on market increased by 5% annually to 116 days on average. This was the most amount of time that apartments have spent on the market in Manhattan, on average, since 2013.
Inventory rose 6% year-over-year, its smallest annual increase since 2017. Nevertheless, at 6,830 active listings, first quarter inventory was last this high in Q1 2012.
Median price declined 2% year-over-year, and is now 10% lower than its peak in 2017. Fewer condo sales, a greater percentage of resale co-op sales, prevalent negotiability and price decreases have pushed median price lower.
Average price per square foot grew 11% year-over-year. This increase, the largest in two years, came as a result of new development closings at the high-end of the market – which pushed the market share of sales over $20M to a record high.

OVERVIEW: FEWER SALES AMID MARKET UNCERTAINTY

At the start of 2019, Brooklyn buyers faced still-lingering uncertainty in the market surrounding the effects of tax reform, while sellers grappled with downward pressure on prices.
As a result, the for-sale market registered 9% fewer transactions versus a year ago. However, it’s worth noting that 2018 had the second highest number of transactions of any first quarter in the last ten years.
Overall sales dipped to 1,279 closings – due to sales of resale condos reaching a six-year low and 19% fewer new development closings.
However, activity for resale co-ops remained relatively stable, with sales actually improving 2% annually.
Sales continued to contract in Williamsburg and Greenpoint – while Bedford-Stuyvesant, Crown Heights, Lefferts Gardens & Bushwick doubled market share versus a year ago.
This dynamic suppressed market-wide median and average price annually for the fourth time in the past six quarters.
In addition, an 18% annual increase in inventory provided buyers with more choices relative to last year.

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March & Q1 2019 Manhattan and Brooklyn Rental Market Report

April 12, 2019 · by Adam Ashkenas

Contact me here to discuss any upcoming vacancies and/or pricing of your apartments.

PRICING TRENDS

When looking at the most recent data for March, we found that month-over-month, rents rose for all apartment categories in both Manhattan and Brooklyn.
Rents also climbed across the board in both boroughs year-over-year. Overall, rents rose an average of 6% in Manhattan – and 7% in Brooklyn – since March 2018.

VACANCY

In March, the vacancy rate fell to 1.33% – from 1.40% in February. In fact, the last time there was less inventory available for rent was in August 2018, when the vacancy rate dipped to 1.29%
The rate is also lower than it was at this time last year. In March 2018, 1.63% of apartments were vacant.

CONCESSIONS

The percentage of leases that included a move-in incentive fell to 29% in March, from 31% in February. Year-over-year, their prevalence also declined (from 35% in March 2018).
When comparing boroughs, concessions were much more prevalent in Brooklyn. In March, 44% of leases in the borough included an incentive, versus 20% in Manhattan.

*****

“As 2019 progresses, conditions continue to strengthen for building owners, laying the foundation for potential market growth in the summer season ahead. However, New York renters remain price-sensitive. Any removal of concessions – or rent increases – must be done strategically to avoid the reversal of this trend. It’s a delicate balancing act. ”

Gary Malin, President of Citi Habitats

The 2018 Manhattan Townhouse Report

April 5, 2019 · by Adam Ashkenas

Contact me here for assistance with buying or selling a property in Manhattan.

OVERVIEW: PRICES ARE UP – BUT ACTIVITY’S DOWN

- While the overall pace of townhouse sales in Manhattan slowed, activity within different price ranges and regions throughout the borough varied widely.

- The low end of the market faced steeper sale declines compared to the high end – and while most regions had slower activity, Downtown had its highest share of sales since 2015.

- Overall, the number of townhouse listings increased 7% annually – as fewer sales pushed up available supply.

- Just 5% fewer transactions occurred over $5M, a lesser annual decline than the overall market at 9%… and a significant driver of the record high price statistics this year.

- Market share of sales at the low end, particularly under $3M, reached its lowest point since 2009.

- In contrast, the share of sales over $20M reached its second highest point since that year.

- Median price grew 10% to exceed $5M for the second time in the past decade. Average price also rose 10% year-over-year and average price per-square-foot was 7% higher.

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