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- The report found that the market stabilized this month, with rents relatively unchanged from December. In addition, the borough’s vacancy rate fell, while move-in incentives climbed to the highest rate seen in 5 years.
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- In January 2016, the average monthly rental price for a Manhattan studio was $2,163. For one-bedroom homes, the average was $3,013. For two-bedrooms, the average rent was $4,025. Finally, the average three-bedroom apartment rented for $5,225.
- Average rents declined a mere 1% for studio apartments, while they rose 1% for one-bedroom units. Meanwhile, average pricing for two- and three-bedroom homes only shifted by marginal amounts.
- In January, the borough-wide vacancy rate fell to 1.90% from December’s rate of 2.06% – largely as the result of landlord incentives to new tenants. Looking year-over-year, the rate was higher than January 2015 – when 1.60% of units were vacant.
- When examining concessions, 17% 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 14% in December. In fact, January 2016’s concession percentage is the highest we have seen since January 2011, when the percentage reached 21%.
“Landlords continue to be hesitant to lower their asking rents, despite recent tenant push-back” commented Gary Malin, President of Citi Habitats. “Instead, owners have ramped up their use of concessions, which has been largely successful in stabilizing the city’s rental market. The recent vacancy rate increases have come to a halt, and rents have held steady.”
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