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- When compared to March, rents increased slightly across the board, while the borough’s vacancy rate also rose. Meanwhile, the percentage of landlord concessions fell – by a mere 1%. These slight – but meaningful – market shifts are signs that Manhattan tenants remain incredibly price sensitive. Small increases in rents have caused a corresponding rise in the overall vacancy rate.
- In April 2016, the average monthly rental price for a Manhattan studio was $2,257. For one-bedroom homes, the average was $3,057. For two-bedrooms, the average rent was $4,057. Finally, the average three-bedroom apartment rented for $5,281.
- When compared to March, average rents rose 2% for studio and one-bedroom apartments, while they increased 1% for two- and three-bedroom units.
- In April, the borough-wide vacancy rate rose to 1.81% from March’s rate of 1.79%. Looking year-over-year, the percentage of available apartments was up considerably, due in part, to landlords’ high asking rents. In April 2015, 1.37% 0f apartments were vacant.
- When examining concessions, 19% 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, down slightly from 20% in March.
“Last month, some landlords tested the market by curbing their use of incentives and inching up rents,” explained Gary Malin, President of Citi Habitats. “However, with Manhattan rents still near record highs, concessions continue to boost up the market. Many of the borough’s renters have reached the limit of what they are able to pay. With increasing competition from other submarkets, creating a sense of ‘value’ in Manhattan is the only way to spur some tenants to act.”
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