The Real Deal New York

Category: Rentals

  • Average rents (courtesy: Citi Habitats)

    Average rents (courtesy: Citi Habitats)

    The pace of rent growth in Brooklyn continues to outshine that of Manhattan, although rents in both boroughs remain at record highs, according to July reports from leading brokerages released today.  [more]

  • From the June issue: With temperatures spiking and new college graduates looking for apartments, June marks the start of the busiest time of year for rental agents in New York City.

    This year, they’re even busier than normal. As the shortage of for-sale inventory keeps a stranglehold on the sales market, brokers said they’re seeing an unusually high number of “hybrid” customers — clients who are open to either buying or renting. That’s making an already tight rental market even more competitive. [more]

  • Brooklyn rents grow fastest around Barclays

    September 20, 2012 03:30PM

    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]

  • No more fear of fall

    September 05, 2012 10:30AM

    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]

  • Big demand for small Manhattan rentals

    August 03, 2012 10:30AM

    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]

  • Source: MNS

    Manhattan rents ticked up in April even as more inventory came online, according to a rental market report released today by MNS based on data from more than 10,000 listings. There were 6 percent more rental listings last month than there were in March, as renters eschewed renewing their lease in search of better deals elsewhere, MNS determined. Renters with expiring two-year leases last month saw rents increase 14 percent for studios, 12 percent for one-bedrooms and 15 percent for two-bedrooms from the time they first negotiated their deals in April 2010.  [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]

  • Source: RentJuice

    Asking rents in several “trendy” and traditional Manhattan neighborhoods slumped even as the city’s average asking rents increased 7 percent in the first quarter, according to a market report released today by online rental management firm RentJuice. Meanwhile, rents in key Brooklyn neighborhoods skyrocketed.

    The average asking rent in Gramercy plummeted 29 percent quarter-over-quarter to $3,846, the figure fell 8 percent in the East Village to $3,859, and stumbled 7 percent in the Upper West Side to $4,406. At the same time, just south of the East Village asking rents increased 9 percent on the Lower East Side to $3,095 and just east of the Upper West Side average asking rents grew 7 percent to $4,103. [more]

  • Source: MNS

    Rental prices in Brooklyn continue to escalate rapidly, as one- and two-bedroom apartments in the borough saw year-over-year rents increase 7.5 percent and 10.2 percent, respectively, according to a February market report released today by brokerage MNS. Studio apartments experienced a 2 percent decline in that same time frame. [more]

  • (source: MNS)

    The Manhattan rental market is so strong that it’s broken free of the shackles of seasonality and continued its uninterrupted growth, according to market reports released today by brokerages Citi Habitats and MNS.

    The average Manhattan monthly rent was $3,376 in February, according to Citi Habitats, which bases its data on deals its brokers facilitate. That’s just $18, or less than 1 percent, below the all-time peak recorded by the primarily rental brokerage in May 2007. [more]

  • Brooklyn rents, not snow, fall this winter

    February 23, 2012 08:30AM

    (source: MNS)

    Compared to the average residential rent increases MNS saw in its recent annual report, the brokerage’s new January data show a slight decrease in Brooklyn rents month-over-month, while year-over-year numbers were more positive.

    Between December and January, Brooklyn rents dropped an average of $10 per month, according to the January Brooklyn rental market report released today. [more]

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  • The Manhattan residential rental market saw an increase in vacancy rates and incentives for tenants, while rents rose from December, in what is usually the slow-as-molasses month of January, according to a monthly rental market report from Citi Habitats released today.

    “Absent any seismic changes I think it’s just going to be another strong, stable market for the landlord [this year],” said Gary Malin, president of Citi Habitats. “It would take a real change in the economy to change [the market] to the tenant’s favor.” [more]

  • Long Island City prices (source: Modern Spaces)

    For the first time in several years, Long Island City apartment sales prices rose across the board in 2011 and buyers put a premium on larger units, according to a year-end report released yesterday by Modern Spaces.

    The average price per square-foot of a studio increased 3.6 percent from 2010 to $697.45, and the average price paid per square-foot for a one-bedroom jumped 3.4 percent to $700.94. But the biggest increases occurred in the two- and three-bedroom sectors. [more]

  • Aerial view of Brooklyn

    Brooklyn rents grew at an average rate of nearly 6.58 percent last year, compared with 0.37 percent in 2010, according to MNS’ first annual Brooklyn Rental Market Report for the year. One-bedroom average rents saw the largest increase, at 9.59 percent, while studios had the most modest gains at 4.13 percent.

    Average rental prices for Brooklyn studios have increased by only $47 per month from August 2009 to December 2011, and remain firm around $1,700 per month, the report says. But overall 2011 showed very steady growth in Brooklyn, with December 2011 showing the highest average rental prices in the borough since MNS began keeping track, in August 2009. [more]

  • Landlords rejoice!

    January 12, 2012 12:01AM

    Landlords continue to have the upper hand when it comes to Manhattan’s residential rental market, according to fourth-quarter reports released today by brokerages Prudential Douglas Elliman and Citi Habitats. The median asking rent climbed 6.6 percent over the last year, and vacancies were filled at a near-record pace, according to Elliman, while both firms reported a sharp decline in concessions. [more]

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