The Manhattan apartment rental market has been heating up for months, and
second-quarter market reports released today by residential brokerages Citi
Habitats and Prudential Douglas Elliman show skyrocketing rents. Now, the question is how long the rent increases will continue.

The Citi Habitats report, which covers all transactions brokered by the firm in the second quarter and takes concessions into account, shows a year-over-year increase in price of about 10 percent for Manhattan apartments. The
average rent for a one-bedroom apartment in Manhattan was $2,672 and two-bedroom units
averaged $3,757 per month, up 9.2 percent and 10.8 percent, respectively, from the second
quarter of 2010. But three-bedroom apartments experienced the largest price
increase over last year — 11.3 percent — and now rent for $4,985 on average. [more]

If you’re looking to rent on the Upper East Side or Soho and don’t need a doorman, now might be the time to make a move. While rents overall fell .6 percent in April, rents for non-doorman units on the Upper East Side fell 5.67 percent from a month ago, and non-doorman one-bedroom unit rents in Soho dropped 17 percent in the last six months, according to the Manhattan rental market report released today by the Real Estate Group of New York. Overall, the average rent in non-doorman Manhattan units fell 2.84 percent this month, while doorman unit rents rose .8 percent, and inventory across the board rose 3.84 percent. TRD Comments

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With a modest drop in vacancy rates and an overall stability in rents, the Manhattan rental market is showing signs of strength, according to Citi Habitats’ monthly rental market report. Average Manhattan apartment rents remained relatively flat in February, compared to the previous month, with studios and one-bedroom unit rents climbing 2 and 1 percent, respectively, while two-bedroom apartments saw a 2 percent uptick and rents for three-bedrooms climbed 1 percent. The vacancy rate dipped to 1.18 percent last month, compared to January’s 1.26 percent rate. SoHo/Tribeca saw the priciest average rent this month, with three-bedroom units being leased for $8,554. TRD [more]

Manhattan apartment rental rates rose by an average of 1.38 percent over the past month as inventory fell by 4.52 percent, according to the Real Estate Group NY’s December market report, out today. Among the trends the brokerage observed: larger, non-doorman units are filling up faster than smaller apartments with doormen. Apartments without doormen saw a 5.86 percent drop in supply in December, compared with a 3.51 percent drop for full-service apartments. See the full report after the jump. TRD [more]

Manhattan continued to see a decline in its rental vacancy rate last month, according to residential brokerage Citi Habitats’ [more]

Source: TREGNY

The
Manhattan residential rental market showed modest improvement over the
last month, with inventory declining and rents climbing in both
month-over-month and year-over-year comparisons, according to the Real
Estate Group NY’s July report, which measures rental activity from June 15 to July
15 (see full report below). The largest year-over-year rent hikes were
seen amongst non-doorman studios, which averaged $2,077 per month, up
6.06 percent from July
2009. Meanwhile, prices for studios with doormen, averaging $2,367 per
month, rose by just 1.29 percent — the smallest increase of the
apartment types. Neighborhoods still offering deals even as the overall
market rebounds include the Lower East Side, where non-doorman,
two-bedroom units saw rents fall 9.52 percent in July
to $2,770 per month and Harlem, where rents for two-bedroom units with
doormen declined by 9.69 percent to $2,345 per month — the lowest
price since TREGNY began tracking data for the neighborhood in 2008.
The data reflects trends from roughly 10,000 listings in TREGNY’s
proprietary database in the borough, all priced under $10,000 per
month. Overall, vacancies declined by 0.78 percent month-over-month in
Manhattan, which TREGNY attributed to recent college graduates entering
the rental market and to would-be intra-borough renters who are now
staying in Manhattan as landlord incentives in the outer boroughs have
decreased. In a recent second-quarter rental report, Prudential
Douglas Elliman found that although rental activity had returned to
pre-recession levels, average rental prices were relatively flat in
Manhattan, declining 3.3 percent on a year-over-year basis but
increasing 12.3 per [more]

Source: TREGNY

Manhattan rents continued to climb this month, while certain segments of the market became even better bargains, according to an April Manhattan rental market report by the Real Estate Group NY (see the full report below). Across the borough, rents as of mid-April were up 1.10 percent over rents in mid-March, the report says. For those on the hunt for two-bedrooms and who don’t mind foregoing a doorman, rents dropped another 0.36 percent month-over-month and 1.38 percent year-over-year. [more]

Source: TDG/TREGNY

The 2010 rental market is expected to start off slow, though there is potential to see a return to stability, according to the 2009 year-end report from TDG/TREGNY, released today (see full report after the jump).

The Manhattan Rental Market report, which conflates the group’s monthly Manhattan rental market reports, shows that seasonal rental trends were less noticeable in 2009 than in other years, with the summer showing only a slight uptick in activity compared to the rest of the year. Crucial to the rental market’s future improvement, the report says, is how other segments of the Manhattan economy perform in the coming months.

“The most important factor for a market improvement is employment,” the report says. “As it steadily improves, we can expect the rental market to do the same.”

Overall, the 2009 rental prices show downward momentum from 2008. Rents on doorman studios declined the most year-over-year, with average rents last year clocking in at 8.12 percent lower than 2008. Doorman units saw significant declines in rent due to renters’ interest in finding bargain homes, according to the report. TRD  More

[more]

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]

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]