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May 2017 Manhattan and Brooklyn Rental Market Report

June 17, 2017 · by Adam Ashkenas

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

In May 2017, the average monthly rental price for a Manhattan studio was $2,412. For one-bedroom homes, the average was $3,155. For two-bedrooms, the average rent was $4,122. Finally, the average three-bedroom apartment rented for $5,388.
Average rents in Brooklyn increased for all apartment categories when compared to the month prior. Studio apartments in the borough (in the 14 neighborhoods studied) rented for $2,277 per month on average. For Brooklyn one-bedrooms, the average rent was $2,868, while rents for two- and three-bedrooms clocked in at $3,762 and $5,140, respectively.
In May, the borough-wide vacancy rate fell to 1.58% – from April’s rate of 1.78%. Last May, the Manhattan vacancy rate was 1.81%. In fact, the last time there was this much inventory on the market was during August 2015, when 1.40% of units were vacant.
When examining concessions, 22% 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 slightly from 28% in April. Looking year-over-year however, their prevalence increased. In May 2016, 17% of leases offered an incentive.

“We remain in a price-sensitive rental market where incentives remain in play,” explained Gary Malin, President of Citi Habitats. “However, as is typical for the season, demand for apartments is increasing as we enter summer. Landlords know that if ever there was a time to test the waters, it’s now. But they need to tread carefully when removing concessions and raising rents. The secret is to master that balancing act that keeps tenant traffic up, but still increases their bottom line.”

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May 2017 Manhattan and Brooklyn Sales Market Report

June 17, 2017 · by Adam Ashkenas

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

Manhattan Trends:

May was an improved month for condo and co-op sales in Manhattan, as contracts signed of both reached their second highest point in the last year.
Inventory remained virtually unchanged versus last year, with just a 1% rise overall.
Every price metric for both condos and co-ops saw annual increases with some significant gains.
Listings spent more time on the market for both the condos and co-ops, as days on market rose by 10% and 28%, respectively.
Negotiability was still present market-wide as the average sale was made slightly below ask.

Brooklyn Trends:

During May, the Brooklyn market experienced a 27% increase in overall contract activity versus last year.
The average sale price, the median price and the average price per square foot was nearly level with last year.
The average sale price was 0.5% below the average asking price, a slight shift from a year ago when the average home sold with no discount.
New listed apartment inventory saw a 29% increase from May 2016.
The days on market figure of 47, while up year-over-year, still indicates a very competitive market in Brooklyn.

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April 2017 Manhattan and Brooklyn Sales Market Report

May 28, 2017 · by Adam Ashkenas

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

Manhattan Trends:

Manhattan contracts signed have fallen overall since the beginning of the year, and April saw that trend continue, as contracts were down 14%.
A series of holidays and school breaks on consecutive weeks during the month may have caused this decline.
Average price and average price per square foot were up in both the co-op and condo markets.
However, listings spent more time on the market across both categories, continuing a trend that has persisted throughout the last year.
Nevertheless, negotiability decreased marketwide as fewer sales closed below ask.
Inventory grew in the condo market, but fell for co-ops.

Brooklyn Trends:

During April, the Brooklyn market experienced a 15% increase in overall contract activity versus last year.
Median and average sale price both experienced a drop year-over-year, by 6% and 1%, respectively, due to fewer sales above $1 million.
The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
The average price per square foot fell 3% year-over year to $871 per square foot as all bedroom types – except for studios – experienced price drops versus last year.
The days on market figure of 50, while up year-over-year, still indicates a tight market in Brooklyn.

Click the images above to access the full report

April 2017 Manhattan and Brooklyn Rental Market Report

May 21, 2017 · by Adam Ashkenas

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

Additional relevant findings of the April 2017 Citi Habitats rental report are outlined below. Please note: as of August 2016, our firm now tracks average and median monthly rents for 14 Brooklyn neighborhoods.

In April 2017, the average monthly rental price for a Manhattan studio was $2,342. For one-bedroom homes, the average was $3,154. For two-bedrooms, the average rent was $4,127. Finally, the average three-bedroom apartment rented for $5,354.

In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,267 per month on average. For Brooklyn one-bedrooms, the average rent was $2,851, while rents for two- and three-bedrooms clocked in at $3,732 and $5,049, respectively.

The most expensive Manhattan neighborhood for renters in April 2017 was SoHo/TriBeCa, with a median rent of $5,997. Gramercy/Flatiron was the second- priciest area – with a median rent of $4,535.

For Brooklyn, DUMBO was the most expensive neighborhood in April, with a median rent of $4,675, followed by Downtown Brooklyn, where the median rent was $3,595
Manhattan rents were lowest in April 2017 in Washington Heights, with a median rent of $2,275. When examining neighborhoods below 96^th Street, The Lower East Side was the least expensive neighborhood for renters with a median rent of $3,135.

Bedford-Stuyvesant, with a median April rent of $2,450, was the least-expensive Brooklyn neighborhood tracked in our report – followed by Bushwick, where the median rent was $2,590.
With a vacancy rate of 1.36%, Gramercy was the Manhattan area with least inventory in April 2017, followed by SoHo/TriBeCa at 1.42%. On the other end of the spectrum, the vacancy rate was highest in the West Village. Last month, 2.18% of rental units in the neighborhood were vacant. Chelsea had second-highest percentage of available homes, with a vacancy rate of 2.13%.

“In April, we noted three positive signs for landlords,” explained Gary Malin, President of Citi Habitats. “Although their rise slowed when compared March, rents continued to hold steady – and were up slightly overall. Meanwhile, the Manhattan vacancy rate declined to the lowest level since August of last year, while the percentage of leases that offered a concession also fell. We are beginning to enter a traditionally busy time of year, so it will be interesting to see if market conditions continue to shift as we enter summer.”

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March 2017 Manhattan and Brooklyn Rental Market Report

April 25, 2017 · by Adam Ashkenas

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

Our March data shows a slight increase in demand for rental apartments.

However, home seekers continued to be price sensitive and often toured a variety of buildings in search of the best deal. To attract these comparison shoppers, landlords increased their use of incentives.

In March, 35% of new leases included a concession, up from 31% in February.

Typically, incentives become less prevalent as spring approaches, so the increase in their use month-over-month is noteworthy.

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Q1 2017 Manhattan and Brooklyn Sales Market Report

April 21, 2017 · by Adam Ashkenas

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

Manhattan Trends from last quarter:

The first quarter often sets the tone for the rest of the year and this quarter demonstrated the Manhattan market is off to a positive start in 2017.
Contract activity increased year-over-year for the first time in six quarters, registering a 3% increase versus First Quarter 2016 and a 5% increase versus last quarter.
In First Quarter 2017, buyer and seller expectations continued to adjust, as buyers who chose to hold off on purchasing in 2016 came back into the market.
At the same time, many sellers adjusted to current market conditions and prices in order to sell their properties.
These factors worked in tandem to fuel improved activity in the early part of this year.

Brooklyn Trends from last quarter:

Spring came early to Brooklyn as First Quarter 2017 was the strongest first quarter in six years in terms of sales.
Improved consumer sentiment and the expectation of rising interest rates on the horizon motivated buyers.
This quarter also continued the streak of year-over-year price gains seen throughout 2015 and 2016.
Demand for new developments, particularly larger residences at price points rarely offered in Manhattan, drove overall prices higher.
There were 7% more closed sales compared to a year ago, but not all apartment types trended equally.
Sales of resale condos and new developments increased from First Quarter 2016, while sales in the resale co-op market actually declined.

Click the images above to access the full report

February 2017 Manhattan and Brooklyn Sales Market Report

March 21, 2017 · by Adam Ashkenas

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

Manhattan Trends:

Contract activity increased marketwide this past February, up by 7% compared to last year.
The condo market saw notable year-over-year increases in all pricing metrics – while the co-op market saw small decreases across the same metrics
Both markets, however, were marked by increases in the amount of time listings spent on the market, fueled by borough-wide inventory growth
Negotiability was more pronounced in both the condo and co-op markets, a trend that has persisted since early 2016 due to increasing buyer choice.

Brooklyn Trends:

In Brooklyn, February saw a double-digit increase in contract activity versus last year, with 26% more sales.
Median and average sale price experienced significant annual gains, with double-digit growth of 22% and 29%, respectively, marking the largest increase in pricing since March 2015.
All bedroom types except for studios experienced a 6% rise in pricing over the last year, causing overall price per sq. ft. to rise 10% year-over-year to $880 per square foot.
However, the trend of price discounts continued into February, with an average discount of 2.4% off asking price, and nearly half of sales traded below ask.

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February 2017 Manhattan and Brooklyn Rental Market Report

March 10, 2017 · 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 $2,315. For one-bedroom homes, the average was $3,097. For two-bedrooms, the average rent was $4,085. Finally, the average three-bedroom apartment rented for $5,225.

In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,286 per month on average. For Brooklyn one-bedrooms, the average rent was $2,822, while rents for two- and three-bedrooms clocked in at $3,642 and $4,913, respectively.

In February, Manhattan’s vacancy rate rose to 1.98% – from January’s rate of 1.90%. The rate is also higher when compared a year prior. In February 2016, the Manhattan vacancy rate was 1.74%.

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 slightly from 37% in January. Looking year-over-year however, their prevalence increased. In February 2016, 25% of leases offered an incentive.

“While landlords are still offering move-in incentives on a substantial number of apartments, they may have been emboldened by the declining vacancy rate from December to January. As a result, they pulled back their use of concessions slightly last month,” explained Gary Malin, President of Citi Habitats. “The fact is, many home-seekers, especially those looking at luxury product, are savvy shoppers and price-sensitive. So when they didn’t see ‘good value’ in the marketplace, the vacancy rate rose once again. There is simply a lot of inventory available. Tenants can pick and choose from a variety of enticing options – on both sides of the East River. But the good news for landlords is that February is typically the height of the ‘winter doldrums.’ It will be interesting to see how the market shifts as we enter spring, as demand will likely increase.”

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January 2017 Manhattan and Brooklyn Sales Market Report

February 28, 2017 · by Adam Ashkenas

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

Manhattan Trends:

The new year kicked off with a handful of positive market shifts – as sales activity in both the condo and co-op market saw annual growth.
The co-op market saw better metrics, including year-over-year improvements in average price and average price-per-square-foot, growing by 14% and 45%, respectively.
However, in the condo market – average price, median price, and average price-per-square-foot were down compared to last year.
Total inventory rose versus January 2016 for both condos and co-ops, while negotiability also grew more pronounced over the same period of time.
Listings in the co-op market sold faster than in the condo market, where average days on market grew 37% compared to last year.

Brooklyn Trends:

In Brooklyn, contract activity for the month of January was virtually unchanged over the last year.
Listed inventory rose 8% year -over-year, driven by the 18% rise in listings versus last year.
Median sale price remained nearly the same compared to last year, up just 2% from January 2016.
On the other hand, average price rose 15% year-over-year, skewed by a townhouse asking $16M in Brooklyn Heights.
Last month the average price difference from last ask to sale was deeper than a year ago, but the discount was primarily due to greater discounts in the townhouse market.
Increased negotiability corresponded with a slight rise in days on market of 6%.

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January 2017 Manhattan and Brooklyn Rental Market Report

February 14, 2017 · by Adam Ashkenas

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

In January 2017, the average monthly rental price for a Manhattan studio was $2,318. For one-bedroom homes, the average was $3,068. For two-bedrooms, the average rent was$4,072. Finally, the average three-bedroom apartment rented for $5,254.

In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for$2,274 per month on average. For Brooklyn one-bedrooms, the average rent was $2,780, while rents for two- and three-bedrooms clocked in at $3,611 and $4,869, respectively.

In January, the Manhattan vacancy fell to 1.90% from December’s rate of 2.13%. However, the rate is unchanged when compared a year prior.

When examining concessions, a full 37% 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 slightly from 35% in December. Looking year-over-year however, their prevalence increased substantially. In January 2016, only 17% of leases offered a move-in incentive.

“We remain in an uneasy equilibrium. Tenants are still very price-sensitive – while landlords continue to resist lowering rents – but begrudgingly, they still transact,” explained Gary Malin, President of Citi Habitats. “It’s a value-driven market now. The dynamics of our city have changed in that apartment-seekers are much more open to a variety of neighborhoods. They want to know what’s out there before they sign a lease, and they expect a deal.”

Click the image above to access the full report

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