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Q4 2015 Facts:
- When compared to the third quarter of the year, we found that all metrics we use to evaluate market conditions reflect an environment that is increasingly friendly for tenants.
- When examining vacancy, we found 1.96% of apartments to be available for rent during the fourth quarter, up from 1.51% during the third quarter of 2015.
- During the most recent quarter, 12% of transactions brokered by Citi Habitats included some form of move-in incentive, compared to 8% during the third quarter.
- Pricing for studio apartments declined the most quarter-over-quarter, with a 3.4% drop. In addition, rents for one-bedrooms declined 2.0% on average, while average pricing for two- and three- bedroom homes fell by 1.3% and 1.0% respectively..
December 2015 Facts:
- In December, the Manhattan vacancy rate climbed to 2.06% from November’s rate of 2.02%.
- However, the recent rent declines have come to a halt and have plateaued, at least for the time being.
- Often landlords will offer move-in incentives to drive traffic to their properties before dropping rents, and in fact, we found that the percentage of leases offering an incentive climbed slightly month-over-month. In December, 14% of leases included a concession, the highest percentage in nearly 5 years.
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