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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.

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“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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February 2019 Manhattan and Brooklyn Sales Market Report

March 24, 2019 · by Adam Ashkenas

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

Manhattan Trends:

Similar to last month, the condo and co-op markets performed very differently: condo sales again declined by double-digits while co-ops experienced another slight uptick in contracts signed.
Price statistics for condos were impacted by fewer sales at the very high end, forcing the average price downward while median price remained level.
All pricing metrics for co-ops decreased as the share of sales shifted further in favor of homes under $1M.
Average price per square foot fell for both condos and co-ops, declining among nearly all bedroom types.
Listed inventory and average days on market universally increased and went hand-in-hand with a deepening of negotiability for both product types.
The spread from last ask to sale increased year-over-year to over 4% for condos and nearly 3% for co-ops.

Brooklyn Trends:

During February, Brooklyn saw mixed market indicators – including rising price statistics and lower contract activity, but also level days on market and declining inventory.
Median price rose 18%, driven by fewer contracts below $1M in February 2019.
Average sale price increased 9%, which was partially caused by sales over $4M in prime Brooklyn neighborhoods – and average price per square foot rose 8% year-over-year due to new development sales in Cobble Hill.
Contract activity declined 21% compared to last year and remained flat compared to last month as the general slowdown in the market continues.
Days on market remained level year-over-year and declined 18% compared to January 2019 – but still remained above the Brooklyn three-year average.
The number of new listings declined 5% compared to last year and 23% compared to January 2019 – primarily due to fewer new development launches throughout the borough during February 2019.

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February 2019 Manhattan and Brooklyn Rental Market Report

March 15, 2019 · by Adam Ashkenas

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

In February 2019, the average monthly rent for a Manhattan studio was $2,489. For one-bedroom homes, the average was $3,179. For two-bedrooms, the average rent was $4,181. Finally, the average three-bedroom apartment rented for $5,711.
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,379 per month on average. For Brooklyn one-bedrooms, the average rent was $2,938 – while rents for two- and three-bedrooms clocked in at $3,803 and $4,897
In February, the Manhattan vacancy rate was 1.40% – down from January’s rate of 1.52%. This is the second consecutive month where the vacancy rate fell, and the lowest rate since September of last year (when 1.36% of apts. were vacant).
When examining concessions, 31% 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 February– down from 33% in January. These move-in incentives were much more prevalent in Brooklyn, where they were found on 48% of leases, than in Manhattan (@ 21% of leases).

“In February, the rental market released some of the pent-up demand that developed over the holiday season,” explained Gary Malin, President of Citi Habitats. “Overall, apartment-seekers experienced slightly-higher asking rents – and less available inventory. However, generous concessions are still being offered – especially in neighborhoods with a lot of high-end new construction. As we transition from winter to spring, conditions have started to improve for landlords. However, there is still opportunity for savvy renters to score a deal.”

January 2019 Manhattan and Brooklyn Sales Market Report

March 3, 2019 · by Adam Ashkenas

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

Manhattan Trends:

There was a divergence in January sales activity among condos and co-ops, as contracts signed fell year-over-year for condos… but rose for co-ops.
Price statistics for condos varied as average price increased substantially due to select high-priced deals – while median price decreased.
All pricing metrics for co-ops decreased – due to a shift in market share of sales to smaller less expensive homes.
However, the average price-per-square-foot improved for condos due to a few sales above $30M.
Listed inventory continued the trend of annual increases, as both condo and co-op figures grew.
Days on market increased by double-digits for co-ops, while condos sold quicker versus last year.
Negotiability increased for both product types, as the spread from last asking to sale price was 5.7% for condos and 3.3% for co-ops.

Brooklyn Trends:

During January, the Brooklyn market saw a mix of market indicators including varied price statistics and more contract activity, but also increased days on market and expanding inventory.
Median price fell 11%, driven by growth in contracts below $1M. Average sale price increased 6% which was partially caused by sales over $6M that occurred in Brooklyn Heights.
Average price-per-square-foot rose 10% year-over-year due to a penthouse sale.
Contract activity improved 2% compared to both last year and last month, partially due to a larger share of buyers negotiating on price.
Average days on market rose 45% year-over-year as the general slowdown throughout the market continues.
The 31% increase in new listings compared to last year was primarily due to the launch of new developments (such as One Clinton in Brooklyn Heights.)

January 2019 Manhattan and Brooklyn Rental Market Report

February 15, 2019 · by Adam Ashkenas

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

- In January 2019, the average monthly rental price for a Manhattan studio was $2,457. For one-bedroom homes, the average was $3,159. For two-bedrooms, the average rent was $4,284. Finally, the average three-bedroom apartment rented for $5,573.
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for$2,420 per month on average. For Brooklyn one-bedrooms, the average rent was $2,868 – while rents for two- and three-bedrooms clocked in at $3,763 and$4,755 respectively.
- In January, the Manhattan vacancy rate was 1.52% – down from December’s rate of 1.60%. This is the first time in 4 months thaBe vacancy rate has declined.
- When examining concessions, 33% 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 January – up from 29% in December. These move-in incentives were much more prevalent in Brooklyn – where they were found on a full 52% of leases, than in Manhattan (@ 25% of leases).

“Landlords ramped up their use of incentives – and in some cases, lowered asking rents – in order to capitalize on the post-holiday increase in apartment seekers,” explained Gary Malin, President of Citi Habitats. “These strategies paid off. In January, market activity increased and the vacancy rate fell, reversing four consecutive months of increases.”

Q4 2018 Manhattan and Brooklyn Sales Market Report

February 2, 2019 · by Adam Ashkenas

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

Manhattan Trends:

Market-wide, sales fell by 7% annually to 2,797 closings, the most moderate year-over-year decline of 2018.
This was the lowest fourth quarter closings total since 2011, and the first time since then that fourth quarter closings failed to reach 3,000 transactions. This is also the first time since 2009 that closings have fallen year-over-year for four consecutive quarters.
Sales volume dipped 5% year-over-year to $5.63 billion. This drop was less pronounced than the one for number of closings because of an increase in sales over $5M.
Contracts signed fell 12% annually as some buyers continued to hesitate. Only 2,309 contracts were signed this fall, the slowest fourth quarter since 2011.
Several factors delayed buyers’ decision making, including the midterm elections and concerns over growing financial market risk.
Marketing times lengthened when compared to last year. Apartments that closed in Fourth Quarter 2018 spent an average of 108 days on the market, the highest end-of-year reading since 2012.

Brooklyn Trends:

Brooklyn ended 2018 with sales slowing slightly overall – but also shifting to lower-cost areas. Overall sales dipped 6% year-over-year and all product types saw fewer transactions.
With the high prices in neighborhoods close to Manhattan – compounded by tax reform and rising mortgage rates – buyers continued to seek value in areas with more affordable price points. These parts of Brooklyn had robust sales activity and further price appreciation.
However, the pace at which value-seeking buyers transacted was not fast enough to prop up sales compared to Fourth Quarter 2017, which was the strongest fourth quarter in the last ten years.
While contract activity fell 2% below last year’s number, this modest decline is a demonstration of resiliency compared to Manhattan, where contracts declined 12% this quarter.
Borough-wide price statistics decreased during Q4. Median price was down 3%, and average price was 2% lower – both year-over-year.
These price declines were mainly driven by large geographic shifts in the new development market – as resale condo prices actually grew and resale co-op prices dipped only slightly.

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December and Q4 2018 Manhattan and Brooklyn Rental Market Report

January 13, 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 December, we found that month-over-month, rents fell by small amounts for all apartment sizes in Manhattan, while they declined for all categories absent two-bedrooms in Brooklyn.
Overall, rents continue to trend downwards, but are still higher than they were at this time last year.

VACANCY

Month-over-month, Manhattan’s vacancy rate climbed from 1.55% in November, to 1.60% in December. In fact, there were more apartments on the market in December than at any time since March, when the rate reached 1.63%. The rise in vacancy is due – in part – to continued price-sensitivity by apartment seekers. In addition, there is typically reduced demand for rental housing during December due to the holiday season.
However, Manhattan’s vacancy rate is lower this December when compared to last. In December 2017, 2.09% of apartments were vacant.

CONCESSIONS

In December 2018, 29% of new leases included a move-in incentive – down from 34% in November. Year-over-year, their prevalence has also diminished – as they were found on 41% of leases in December 2017.
Despite these declines, they continue to be a popular marketing tool, especially in luxury rental developments.

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“In December, many property owners in both Manhattan and Brooklyn lowered rents slightly – in an attempt to spur activity during the traditionally slow holiday season. Despite these adjustments, the vacancy rate continued to climb; illustrating the ongoing disconnect between the rents that landlords want to achieve and the pricing tenants are willing to pay. However, there are great values in today’s market for apartment seekers – if they are willing to explore new neighborhoods and building types. Now more than ever, it pays to keep an open mind.”

– Gary Malin, President of Citi Habitats

Click the image above to download a PDF of the December & Q4 report.

November 2018 Manhattan and Brooklyn Sales Market Report

December 31, 2018 · by Adam Ashkenas

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

Manhattan Trends:

November 2018 saw a decline in sales activity as buyers continued to demand steeper discounts – while inventory lingered on the market.
Listed inventory reached its highest point for any November since 2011 as supply continued to outpace sales.
The average negotiability for both product types increased since last year as buyers pursued better deals.
There was a year-over-year decline in median price for condos – but average price and average price-per-square-foot increased.
The co-op market experienced an increase in price statistics across the board.
Average days on market rose again for condos but decreased for co-ops. Despite steeper discounts, average prices on a statistical basis are not lower due to an increase in sales at high-end buildings.

Brooklyn Trends:

During November, Brooklyn market indicators weakened, including deceased price statistics and lower contract activity, slightly lengthening days on market, and expanding inventory.
November saw average sale price decrease 4% and median price decrease 13% year-over-year, driven by fewer contracts above $2M compared to November 2017.
In fact, neighborhoods located in prime areas of Brooklyn such as Dumbo, Brooklyn Heights and Park Slope saw far fewer transactions than this same time last year.
Overall contract activity was down 27% compared to last year, partially due to inventory constraints at lower price points, but also due to potential buyer’s lower confidence in the market. These same effects pushed days on market 3% higher year-over-year.
The 32% additional new listings compared to last year was primarily due to new development introductions in 2018, and therefore generally at above-average price points.

Click the images above to access the full report

November 2018 Manhattan and Brooklyn Rental Market Report

December 19, 2018 · by Adam Ashkenas

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

Last month, the average monthly rental price for a Manhattan studio was $2,475. For one-bedroom homes, the average was $3,213. For two-bedrooms, the average rent was $4,426. Finally, the average three-bedroom apartment rented for $5,588.
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,341 per month on average. For Brooklyn one-bedrooms, the average rent was $2,835 – while rents for two- and three-bedrooms clocked in at $3,608 and $5,039 respectively.
In November, the Manhattan vacancy rate was 1.55% – up from October’s rate of 1.44%. This is the third consecutive month of vacancy rate increases – and marks the most available inventory on the rental market since March.
When examining concessions, 34% 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 November – up from 29% in October. We have not seen incentives this prevalent since March (when they were found on 35% of new leases).

“In November, the rental market continued to shift to the tenants’ favor – with the highest levels of both inventory and landlord concessions since March,” explained Gary Malin, President of Citi Habitats. “The reason is partially seasonal, as demand traditionally wanes during the winter holiday season. However, apartment-seekers at all ends of the price spectrum continue to seek value, and are increasingly open to both new neighborhoods – and building types – in order to find it.”

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