Contact me here to discuss any upcoming vacancies and/or pricing of your apartments.
- The report found that all metrics used to evaluate the rental market shifted in favor of tenants when compared to the month prior. Rents fell across the board, the percentage of leases offering a move-in incentive to new tenants increased, and the borough’s vacancy rate climbed to a level not seen since 2009.
- In November 2015, the average monthly rental price for a Manhattan studio was $2,169. For one-bedroom homes, the average was $2,938. For two-bedrooms, the average rent was $3,904. Finally, the average three-bedroom apartment rented for $5,216.
- Average rents saw the largest declines for one- and two-bedroom units when compared to October. Rents fell 4% for both of these apartment categories. Average rents for studio units fell 2%, while pricing for three-bedroom homes declined 1% over the same period.
- The borough-wide vacancy rate rose to 2.02% from October’s rate of 1.81%. This is the highest vacancy rate we have seen in Manhattan in over 6 years. The last time the rate topped 2% was in April 2009 – when it reached 2.28%.
- When examining concessions, 13% 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 8% in October.
“There is a significant disconnect between owners’ expectations – and tenants’ willingness and ability to pay,” commented Gary Malin, President of Citi Habitats. “The fact that vacancy rates are the highest in the East and West Villages is strong evidence that for apartment seekers, paying high prices for small spaces no longer adds up. With inventory trending upward for the past six months, the party’s been over for quite some time. Landlords need to react, and it’s going to take rent reductions and additional incentives to move the needle – especially as we enter the holiday season. ”
Click the image above to access the full report
Filed under: Featured, New York City Neighborhood News Tagged: Central Park West Apartment, manhattan apartment, manhattan co-op, Manhattan condo, Manhattan Real estate, manhattan real estate agent, manhattan real estate broker, New York city apartment, New York City Real estate, new york city real estate agent, upper west side apartment
