Recent Posts
Archives
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- October 2013
- February 2013
- January 2013
Categories
Meta

Browsing Tags manhattan apartment

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.

By clicking submit, you agree to share your email address with the site owner and Mailchimp to receive marketing, updates, and other emails from the site owner. Use the unsubscribe link in those emails to opt out at any time.

Processing…

Success! You're on the list.

Whoops! There was an error and we couldn't process your subscription. Please reload the page and try again.

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.

Processing…

Success! You're on the list.

Whoops! There was an error and we couldn't process your subscription. Please reload the page and try again.

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.

Processing…

Success! You're on the list.

Whoops! There was an error and we couldn't process your subscription. Please reload the page and try again.

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.

Processing…

Success! You're on the list.

Whoops! There was an error and we couldn't process your subscription. Please reload the page and try again.

40.772300 -73.980000

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.”

Page 1 of 32 1 2 3 … 32 Next »