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- The report found that rents remained largely stable, while the borough’s vacancy rate fell to a level not seen since September of last year, due in large part to another big jump in landlords’ use of concessions
- In February 2016, the average monthly rental price for a Manhattan studio was $2,191. For one-bedroom homes, the average was $3,026. For two-bedrooms, the average rent was $4,004. Finally, the average three-bedroom apartment rented for $5,236.
- When compared to January, average rents rose 1% for studio apartments, while they fell 1% for two-bedroom units. Meanwhile, average pricing for one- and three-bedroom homes only shifted by marginal amounts.
- In February, the borough-wide vacancy rate fell to 1.74% from January’s rate of 1.90%. February marks the lowest Manhattan vacancy rate seen since September – when the rate was 1.62%.
- When examining concessions, a substantial 25% 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, up from 17% in January. February 2016’s concession percentage is the highest we have seen since July 2010, when the percentage also reached 25%.
“Many landlords have relied upon incentives to keep their face rents high,” noted Gary Malin, President of Citi Habitats. “These concessions have, in large part, stabilized the recent rent declines and climbing vacancy rates. However, their prevalence is indicative of a Manhattan rental market that is still out of touch – and beyond the reach of many tenants. ”
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