Fort Greene studio rents (source: MNS)

The neighborhoods closest to the Barclays Center are seeing the greatest appreciation in average rents as the arena finally nears its long-anticipated opening date. Boerum Hill and Fort Greene saw their average rents increase 3.4 percent and 3.0 percent between August and July 2012, according to the August Brooklyn rental market report released today by MNS. The brokerage’s data also show rents are rising fastest for larger units.

The average rent for two-bedroom units reached $3,083 in August, up 9.2 percent on a year-over-year basis. By comparison, one-bedroom rents rose 7.1 percent to $2,415 and studio rents jumped 6.8 percent to $1,895 over that time frame. [more]

Source: Citi Habitats

Manhattan residential rental rates reached a new all-time high for the sixth consecutive month, according to Citi Habitats’ latest rental report but there could be some signs of relief in sight. The vacancy rate stood at 1.19 percent last month, the highest it has been in the month of August, typically the peak of the rental market, in three years. In August 2011, for example, the vacancy rate was 1 percent.

This marks the second straight month of relatively high vacancy rates, which could be a sign that renters are balking at higher prices. [more]

From the September issue: What a difference a year makes — at least when it comes to Manhattan’s residential real estate market. As the fall of 2011 began, the country was reeling. Following the near-stalemate in Congress over raising the debt ceiling, Standard & Poor’s had downgraded U.S. debt.

Occupy Wall Street protesters began camping out in Zuccotti Park — a glaring reminder of an arrested economic recovery. And European leaders were struggling to resolve Greece’s debt woes, which threatened to topple neighboring economies and even spread across the pond. [more]

From the August issue: New York City is famous for its cramped — and pricey — living spaces. That’s truer than ever this summer, with the busy rental market continuing its frenzied pace. But tenants looking for smaller units are feeling the worst of the pain, as rent increases for studios and one-bedrooms outpace the market overall, according to a Prudential Douglas Elliman quarterly market report released last month. [more]

Average price per square foot of sold condos in Long Island City (source: Modern Spaces)

Condominium prices in Long Island City have responded to a dwindling inventory, especially of smaller units, and are rising for studios and one-bedrooms while falling for larger homes, a market report released today by the brokerage Modern Spaces showed.

Just 6 percent of the existing condominium inventory is currently available for purchase. Modern Spaces, which has spoken with developers such as TF Cornerstone and Rockrose Development about their forthcoming projects, expects just 250 more condo units to be delivered in the next 24 months, which would further depress supply. [more]

(source: MNS)

Brooklyn rents ticked up 2 percent in May and now sit 10 percent higher than they did during May 2011, according to a rental market report released today by brokerage MNS. Studio apartments in the borough now cost an average of $1,791 per month, a 10.8 percent annual increase, one-bedrooms go for $2,354 on average, an 8.3 percent jump from May 2011, and two-bedroom units average $3,077 per month, up 11.6 percent year-over-year. [more]

(credit: MNS)

According to a market report released today by Citi Habitats, the Manhattan residential rental vacancy rate slipped below 1 percent last month, reinforcing brokers’ claims that the rental market is now hotter than it’s been since the mid-2000s.

The vacancy rate in May hit 0.89 percent, its lowest level since July 2011, the Citi Habitats data shows. Citi Habitats President Gary Malin attributed that in part to declining inventory, due to a lack of new-construction residential buildings. [more]

Manhattan

The Manhattan residential rental market saw rents increase across all apartment categories, the vacancy rate drop, and concessions recede in April, according to the monthly rental market report from Citi Habitats released today. “If we are able to get these rents and the demand is what it is it really does speak to the economy’s strength,” said Gary Malin, president of Citi Habitats. “In the end, if you want to be in Manhattan, sacrifice is par for the course.” [more]

Manhattan rents in the first quarter of 2012 broke records set before the economic crash, according to market reports released today by residential brokerages Prudential Douglas Elliman and Citi Habitats, and experts attribute the increase to tight credit markets that have prevented tenants from entering the sales market.

The average monthly Manhattan rent reached $3,650 in the first quarter, a 6 percent increase over the $3,445 average during the same period last year, according to the Elliman report, which uses industry-wide data compiled by Jonathan Miller, the president of appraisal firm Miller Samuel. The number of rental transactions also increased, jumping 14.3 percent to 7,642 units from 6,665. [more]