The Real Deal New York

Posts Tagged ‘rental inventory’

  • InventorySqueeze

    New York City’s average rental rate inched past the $3,000 mark for the first time in the second quarter, according to new market data reviewed by the Wall Street Journal.

    Rents in the city – excluding Staten Island – rose 1 percent from the first quarter to $3,017, the highest in the country and nearly $2,000 more than the national average of $1,062, according to data from real estate research firm Reis. [more]

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  • 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]

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  • Rental market shows signs of stability

    December 22, 2009 11:06AM

    Source: TDG/TREGNY

    Manhattan rents remained relatively flat month-over-month, according to
    TDG/The Real Estate Group of NY’s December Manhattan residential rental
    market report released today (see full report after the jump). Doorman units saw a 1.19 percent drop in price in December, according to the report, which covers Nov. 15 to Dec. 15, while non-doorman units actually saw a price increase of .87 percent.

    Meanwhile, year-over-year, doorman apartments were hit the hardest, price-wise, the report says, while non-doorman units saw more moderate price declines. Apartment rental prices for doorman buildings dropped 5.79 percent compared to 2008 and non-doorman units declined just 1.74 percent.

    The flat month-over-month activity bucks the downward seasonal trend typically seen in the winter rental market, the report says.

    Even so, non-doorman units saw a 6.08 percent rise in vacancies from last month, something that could precipitate a price decline in that type of unit, said Andrew Barrocas, COO of TDG/TREGNY.  More

    [more]

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  • Source: TDG/TREGNY

    Month-over-month residential rental prices remained relatively flat in mid-December, according to the TDG/The Real Estate Group of NY monthly Manhattan rental market report released today (see full report after jump), while year-over-year figures continued to lag. Doorman units saw a 1.19 percent drop in price in December, according to the report, which covers Nov. 15 to Dec. 15, while non-doorman units actually saw a price increase of .87 percent. Meanwhile, year-over-year, doorman apartments were hit the hardest, price-wise, the report says, while non-doorman units saw more moderate price declines. Apartment rental prices for doorman buildings dropped 5.79 percent compared to 2008 and non-doorman units declined just 1.74 percent. The flat month-over-month activity bucks the downward seasonal trend typically seen in the winter rental market, the report says. … [more]

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  • While year-over-year rental prices have continued to lag, figures month-over-month have remained relatively stable, according to the November monthly Manhattan rental market report released today by TDG/The Real Estate Group of NY (see the full report after the jump).

    Rents dropped just .03 percent this November, compared to the month before. This figure is cause for some optimism, according to the report, because a more dramatic seasonal decline is typically seen during the month.

    Daniel Baum, CEO of TDG/TREGNY, said that November’s strong showing was unexpected.

    “We were actually somewhat surprised to see that November [prices] were [so stable],” Baum said. He attributed the unseasonally strong numbers to a delay in spring Wall Street hirings. Many Manhattan employers have actually begun taking on new hires this fall, according to Baum, which has created an uptick in demand. … [more]

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