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- The report found that when compared to June, rents decreased slightly across the board. The biggest decline was for one-bedroom homes, where rents fell 3% month-over-month.
- Meanwhile, the borough’s vacancy rate rose to 1.92% – the highest vacancy rate we have seen for July since we started tracking the rental market in 2002. For reference, the Manhattan vacancy rate in July 2015 was 1.42%, and during July 2009 (the height of the ‘great recession’) the rate only reached 1.67%.
- 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 July, up from 16% in June. Looking year-over-year however, their prevalence increased substantially. In July 2015, 8% of leases offered a move-in incentive.
“The fact we are trending towards a 2% vacancy rate despite the busy summer season shows we are in a very price sensitive market,” explained Gary Malin, President of Citi Habitats. “The use of concessions and slight rent adjustments by owners has failed to significantly move the needle. Today’s renters are increasingly open to living in the outer boroughs or New Jersey. In order to reverse this trend, Manhattan landlords will either have to become more liberal with their incentives – or adjust their pricing to reflect the changing conditions.”
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