Recent Posts
Archives
Categories
Meta

Browsing Tags manhattan apartment

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.

40.712775 -74.005973

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.

******

“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.”

October 2018 Manhattan and Brooklyn Sales Market Report

December 3, 2018 · by Adam Ashkenas

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

Manhattan Trends:

October 2018 saw a decline in sales activity as buyers continued to demand steeper discounts. This put pressure on sellers to lower prices in an oversupplied market.
There were year-over-year declines in pricing and sales for condos… while co-ops also experienced a dip in sales activity – but saw most pricing metrics increase.
Average days-on-market continued to increase as buyers wait for better deals – as evidenced by the increase in negotiability for both product types compared to last year.
Listed inventory reached its highest point since October 2011 as supply continues to outpace sales.
Year-over-year co-op inventory increased 28%, while the number of condos on the market rose by 12%. For townhouses, inventory grew 17%.

Brooklyn Trends:

During October, Brooklyn market indicators weakened, including falling prices and contract activity, lengthening days on market – and expanding inventory.
October saw average sale price decrease 13% and median price decrease 2% year-over-year, driven by fewer contracts above $2M compared to October 2017.
In fact, areas with historically higher-priced inventory (including Brooklyn Heights and Park Slope) saw far fewer transactions than this same time last year.
Fueling the overall price decline was an increase in activity in areas such as Ditmas Park, Prospect Lefferts Gardens and Flatbush.
Overall contract activity was down 11% 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 7% higher year-over-year. The 30% additional new listings compared to last year was primarily due to new development introductions – and therefore generally at above-average price points.

Click the images above to access the full report

October 2018 Manhattan and Brooklyn Rental Market Report

November 22, 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$2,496. For one-bedroom homes, the average was $3,249. For two-bedrooms, the average rent was $4,361. Finally, the average three-bedroom apartment rented for $5,621.
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for$2,411 per month on average. For Brooklyn one-bedrooms, the average rent was $2,892 – while rents for two- and three-bedrooms clocked in at $3,680 and$5,257 respectively.
In October, the Manhattan vacancy rate was 1.44% – up from September’s rate of 1.36%. This is the second consecutive month of vacancy rate increases – and marks the most available inventory on the rental market since April.
When examining concessions, 29% 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 October – up from 27% in September.

“The seasonal fall slowdown has begun – and will likely continue as we enter the holiday season,” explained Gary Malin, President of Citi Habitats. “Now is a great time to be in the market for a new rental apartment, especially at the higher end of the pricing spectrum. With rising inventory, many owners are being generous with concessions – especially in luxury new developments. If you can act before the end of the year, the move-in gift offered by your new landlord could be the best one you receive all year.”

Third Quarter 2018 Manhattan and Brooklyn Sales Market Report

November 5, 2018 · by Adam Ashkenas

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

Manhattan Trends:

Closed sales fell by 10% annually. Resale coop sales, down 8%, and a 37% drop in new development sales drove sales lower. In contrast, resale condo sales actually rose, up 2% annually.
Contracts signed fell 12% annually. Hesitancy about high prices, Midterms, and press coverage of the slowing market muted confidence and lowered contract activity versus last year.
Days on market increased by 9% annually to 97 days. A crowded marketplace with many sellers trying to cash out has continued to extend time on market.
Inventory increased a considerable 23% annually to nearly 7,300 listings, which meant that buyers had more than 1,000 additional apartments to choose from versus this time last year.
Median price increased a minimal 2% year-over-year – due namely to shifts in the composition of sales in favor of larger residences enabled by improved seller negotiability and prevalent discounting.
Average price per square foot fell for the third quarter in a row to $1,687 per square foot. This figure, down 3% year-over-year, is now 12% lower than its First Quarter 2017 peak.
The West Side posted the greatest average price increase of any submarket, rising 10% annually as the share of transactions along 57th Street and Central Park South doubled.

Brooklyn Trends:

Following one of the most active quarters in recent years, Q3 sales activity in Brooklyn varied widely across neighborhoods and product types.
Robust activity continued as value-seeking buyers pushed further afield in the borough, yet signs of buyer hesitancy emerged in other areas.
Market activity was muted in northern and western parts of Brooklyn – where prices remain high.
Buyers were particularly resistant to purchasing in Williamsburg as the L-train suspension date draws nearer.
On the other hand, neighborhoods on the southern and eastern edges of Prospect Park, which offer value relative to the borough-wide price figures, saw a surge in sales at such a rate that inventory could not keep pace.
Inventory continues to be constrained market wide; dipping 2%year-over-year and declining annually for six of the past seven quarters.
Half the neighborhoods in Brooklyn had an increased number of listings compared to last year, but the gains were offset by the sharp decline in inventory in southern parts of the borough.

September & Q3 2018 Manhattan and Brooklyn Rental Market Report

October 17, 2018 · by Adam Ashkenas

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

When looking at the most recent data for September, we found that rents climbed month-over-month in Manhattan, while they declined in Brooklyn. Meanwhile, the Manhattan vacancy rate rose to the highest level in 5 months.

Month-over-month, Manhattan’s vacancy rate climbed from 1.29% in August – to 1.36% in September. In fact, there were more available apartments on the market in September than at any time since April, when the rate reached 1.44%.
Apartment seekers remain extremely price-sensitive, so this increase in available units is likely a reaction – at least in part – to ascending rents.

The use of move-in incentives ticked downward.

The percentage of leases that included a move-in incentive was 27% in September 2018, down slightly from 28% in August. Year-over-year, their prevalence is also down – as they were found on 37% of leases in September 2017.
Despite the declines, they continue to be a significant marketing tool – especially in luxury rental developments.

Quarterly trends continue to reflect an improved market for landlords in the longer term.

Rents in Manhattan and Brooklyn climbed across the board, both quarter-over-quarter and year-over-year.
The Manhattan vacancy rate rose slightly to 1.35% during Q3 – from 1.34% in Q2. Despite the recent uptick, there are still fewer available choices for tenants than last year.
During Q3 as a whole, 27% of tenants received a landlord inventive, up from 24% last quarter. On the other hand, their use is down compared to Q3 2017 – when 37% of new leases included a concession.

“Our September results show that even small increases in asking rents have an impact on demand – and tenants comparison-shop between buildings and neighborhoods like never before. The rise of car and bike sharing services, as well as the expanded ferry system, has caused many New Yorkers to consider more affordable areas that were once off the beaten path. In the rental market, the old adage of ‘location, location, location’ – has been replaced with ‘price, price, price.’”

Gary Malin, President of Citi Habitats

August 2018 Manhattan and Brooklyn Sales Market Report

September 26, 2018 · by Adam Ashkenas

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

Manhattan Trends:

Year-over-year, August sales activity for condos and co-ops decreased 9% and 4%, respectively.
Pricing metrics for condos varied – as average price remained nearly unchanged and median price decreased 7%.
Co-ops saw across the board increases in price figures with average and median price increasing by 8% and 13%, respectively.
Listed inventory for condos rose 9%, and co-op inventory rose 29%. Co-op listed inventory was at its highest level of any August since 2012.
Average days on market for condos increased significantly as listings lingered and buyers waited for better deals.
Negotiability was up year-over-year for both product types, as higher inventory and less buyer urgency continues to drive up that figure.

Brooklyn Trends:

During August, the Brooklyn market experienced a decline in contracts signed, down 9% versus last year.
This downturn was driven by fewer new development sales in southern Brooklyn along with a diminishing number of sales in Williamsburg (likely due to the impending L-train shutdown in 2019.)
However, average sale price improved by 12% versus last year, driven by the shift in market share of sales towards larger residences priced above $2M – including three Pierhouse sales all above $4.5M.
Nonetheless, these larger apartments did not translate to a higher price per square foot, in fact a majority of the homes above $2M sold at a discount from the last asking price, which drove August 2018’s average price per square foot figure down 1% year-over-year.
The difference from last ask price to sale price was -2.8%, steeper than the previous month’s record high, as more than half of homes sold in August 2018 sold at a discount from the last asking price.
Days on market also grew significantly as more slow-selling residences traded in August 2018, some having been on market for over two years.

Click the images above to access the full report

Page 1 of 31 1 2 3 … 31 Next »