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- The report found that when compared to April, rents increased slightly across the board, while the borough’s vacancy rate fell. Meanwhile, the percentage of landlord concessions declined slightly, but is still comparatively high – especially for May.
- In May 2016, the average monthly rental price for a Manhattan studio was $2,344. For one-bedroom homes, the average was $3,155. For two-bedrooms, the average rent was $4,157. Finally, the average three-bedroom apartment rented for $5,376.
- When compared to April, pricing increased for all apartment categories. Average rents rose 4% for studio apartments, while rents for one-bedroom units increased 3%. Meanwhile, pricing for two- and three-bedroom homes rose 2% for both categories.
- In May, the borough-wide vacancy rate fell to 1.68% from April’s rate of 1.81%, reversing the recent trend of month-over-month vacancy rate increases.
- 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 May, down slightly from 19% in April.
- In fact, the percentage of concessions hasn’t been this high in the month of May since 2010 – during the ‘Great Recession.’ That month, a full 34% of new leases included a move-in incentive.
“Owners felt confident raising asking rents during May as it’s the start of the summer season, where conditions are typically in their favor. And they’re right, demand is increasing. Despite the near record-high rents, the vacancy rate fell to a level not seen since last September,” explained Gary Malin, President of Citi Habitats. “However, concessions are still – effectively – boosting the market. Most likely, the picture would not be nearly as rosy for landlords without them.”
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