source: MNS
In the past year, much of the spotlight has been on the increasing demand for larger Brooklyn units, but studios made a comeback in April. A rental market report released today by MNS showed the average rent of a Brooklyn studio increased 2.3 percent since March, compared to 0.9 percent and 1.0 percent increases for one-bedroom and two-bedroom units in the borough, respectively. [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]
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]
Two-bedroom apartments showed largest annual rent increases (source: MNS)
Now that the last of the winter months has passed, it’s clear that — like temperatures — the Manhattan rental market never experienced its typical seasonal decline. According to a rental market report released today by brokerage MNS, rents ticked up 0.1 percent in March, following two months of similarly negligible declines. Overall, rents have barely budged from their October peaks. [more]
Despite the seasonal cooling of the residential rental market come the winter months, Manhattan rents barely flinched, according to a Manhattan rental market report released today by MNS, as prices dropped just 0.2 percent in November compared to the prior month. The rental market in Brooklyn showed similar strength, according to another of the brokerage’s report.
Rents for two-bedroom Manhattan apartments actually increased by about 0.4 percent to an average of $5,500 per month. Meanwhile, rents for studios and one-bedrooms stumbled just 0.47 percent and 0.73 percent, respectively. – Adam Fusfeld [more]
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]
Of late, all real estate market news that comes out the Financial District is good news. The latest neighborhood market report, recently released by residential brokerage Platinum Properties, confirms that is true for the rental market, too.
In the fist half of 2011, the average price for all leased apartments pushed past $50 per square foot for the first time since the brokerage began tracking the market in 2007, and vacancy rates were at an all time low of 1.47 percent. At the end of 2010, the vacancy rate was 2.17 percent. – Adam Fusfeld
[more]
This August, renters finally got some relief from the sweltering summer market, according to
a Manhattan rental market report released today by Citi Habitats. The average rent declined
1 percent from July to $3,350 and the vacancy rate rose to 1 percent, its highest level since
February. Both retreated from near-record strong rates in June and July.
But the market is still tilted heavily in landlords’ favor as rents were up 8 percent from a year
ago and concessions were present in just 4 percent of Citi Habitats’ brokered transactions.
“While the market’s still competitive, those in search of rental housing should have an easier
time securing a home,” said Gary Malin, the firm’s president. “Conditions earlier this summer
were brutal and the market was due for a correction.” [more]
The Manhattan residential rental market tanked as suddenly and swiftly as the national economy in 2008, but the country’s stumbling recovery has catapulted that rental market to previous heights, according to a five-year study of rents released today by Citi Habitats (see below).
Average monthly rents of transactions brokered by the city’s largest rental firm below 96th Street in Manhattan sat at $3,724 in 2007 before plummeting to $3,399 in 2009 during the depths of the recession. In June 2011, that figure rose to $3,694 per month, close to the 2007 figure.
“[There's] an increased interest in rental property from those taking a ‘wait-and-see’ approach to the unstable sales market,” Citi Habitats President Gary Malin said. He noted that buyers who would normally make luxury apartment purchases, in particular, are opting for the rental market because of “continued sales market insecurity.”
This pattern is also reflected in vacancy rates, landlord concessions and the percentage of new developments to turn rental for apartments below 96th Street.
Vacancy rates rose to 1.93 percent in 2009 from 0.76 percent in 2006. In June 2011, the rate was 0.69 percent. Similarly, in December 2009, 60 percent of transactions included some owner concession. By October 2010 that number was reduced to 18 percent and as of July 2011 it was just 7 percent. While the number of new rental units brought to the market slowly declined to 2,198 in 2008 from 2,989 in 2006, the number spiked to 3,966 in 2009 before dropping down to 2,280 in 2010.
Throughout the five-year period the Upper East and Upper West sides were consistently the least expensive neighborhoods, while Soho and Tribeca were the costliest.
Big units in Murray Hill and across both sides of Midtown saw the biggest price drops in average rent from 2006 to 2010, as three-bedroom units that in 2006 went for between $4,700 and $6,300 per month on average, dropped to the $3,300-to-$3,700 range in 2010. The Gramercy-Flatiron neighborhood, meanwhile, saw the largest price gain as one-bedrooms and two-bedrooms gained $625 and $750 monthly on average, respectively, despite the overall average monthly rent falling $113 during that timespan.
Perhaps Manhattan residential rental prices couldn’t continue to climb higher, or maybe July’s slight decrease in average rents will prove to be a blip on the radar, but as of now Gary Malin, president of Citi Habitats, called it “insignificant.”
After a scorching start to the season, the average Manhattan rent decreased 0.4 percent from last month to $3,358 in July, $14 less than June’s average, and $36 less than the all-time high achieved in May 2007, according to the July Manhattan rental market report released today by Citi Habitats that covers the approximately 1,200 deals brokered by the firm.
Three-bedroom apartments helped keep the overall average up as those units rented for 1 percent more than they did last month. But studios and one- and two-bedroom apartments each experienced average decreases of 1 percent.
“The small price adjustment, for now, is like a rounding error,” Malin said. [more]
