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’s record-high rents, which are isolated from the still uneven economy, are driving several significant changes in the market, according to the New York Times. Brokers say more young people are sharing apartments, and even sacrificing a living room in the process, in order to ease the burden of rising rents. Other renters, who in the past would only consider Manhattan, are being drawn to the outer boroughs. [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]
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]
From left: Clifford Finn of Citi Habitats; Pamela Liebman of the Corcoran Group and Gary Malin of Citi Habitats; Gary Malin, Gabriella Schaefer and Gordon Golub, all of Citi Habitats; Jay Heydt, Elizabeth Hamersley, Tracie Hamersley and Gary Malin, all of Citi Habitats
Tracie and Elizabeth Hamersley of the Hamersley Team at residential brokerage Citi Habitats took home top honors at the firm’s annual awards, held last Tuesday night at a penthouse lounge at 230 Fifth Avenue, at 27th Street.
The pair won awards including Top Team of the Year by overall production, Top Rental Team of the year and Top Sales team of the year. Meanwhile, Rado Varchola, a senior vice president at the company’s office at 250 Park Avenue South, was elected Top Individual of the year by overall production and Top Individual of the year in sales. Top Rental Individual went to Deacon Hoy, director of corporate relocation, also on Park Avenue South. [more]
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]
From left: Halstead Property Development Marketing President Stephen Kliegerman and Citi Habitats President Gary MalinCiti Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman whipped out their crystal balls for amNY and noted five trends to watch for in the city’s “booming” real estate market in 2012.
Low interest rates, the strong rental market and the stock market’s daily swings will attract Wall Street investment to new developments, which Malin and Kliegerman say will become more prevalent next year. As for those new buildings, developers will likely offer deals on apartments in buildings that haven’t even begun construction yet in order to kick off sales. [more]
The Manhattan residential rental market has defied seasonal expectations by remaining remarkably stable even as winter approaches, according to a monthly rental market report from Citi Habitats released today. Prices are higher across the board and the vacancy rate is lower than during the past three Novembers, the report shows.
“While we would expect rents to decrease and the vacancy rate to rise from October to November, the city’s rental market truly held its equilibrium,” said Gary Malin, president of Citi Habitats. “People are staying in their current apartments. Rents are up and concessions are way down. If you don’t have to uproot yourself and your family, why would you?” [more]
At least six new New York City rental websites have launched in the last 18 months, according to Crain’s, as the city’s booming rental market and low vacancy rates drive prospective renters to do what they can to avoid paying broker fees that range from one month’s rent to 15 percent of a year’s rent.
New rental sites include 18-month old UrbanEdgeNY.com, which provides no-fee apartment listings directly from landlords, and NakedApartments.com, where apartment hunters can search for free, but brokers and landlords must pay monthly subscription fees. The new start-ups face the challenge of standing out in a sector that now has around 30 sites, Crain’s noted, including industry fixtures like Streeteasy.com and Craigslist.com, the latter of which is increasingly deemed unreliable by consumers, according to Crain’s.
In stark contrast from the various economic indicators surrounding it, the
Manhattan rental market showed remarkable stability and strength in the third
quarter. The price of an average Manhattan rental unit increased about 7 percent
from the prior year quarter and remained consistent with the impressive levels
achieved in the second quarter, according to market reports released today by
residential brokerages Prudential Douglas Elliman and Citi Habitats.
“I used to see the rental market as a leading indicator of changing economic
conditions because of how nimble it is,” said Jonathan Miller, CEO of appraisal firm
Miller Samuel who prepared Elliman’s report. “But here the economy is struggling –
or at best, is flat — and conditions are tight in the rental market.” [more]
