source: RentJuice
Asking rents in New York City continued to rise in the fourth quarter, countering the typical seasonal decreases that other major cities like Boston and Chicago experienced, according to a report released today by online rental firm RentJuice.
Taking into account various apartment sizes, New York City rents increased 1 percent over the third quarter to $3,299. By comparison, rents decreased 1 percent to $1,961 and 4 percent to $1,366 in Boston and Chicago, respectively. [more]
Apartment vacancies nationwide fell to a decade-low 5.2 percent in the fourth quarter of 2011, according to a Reis report cited by Bloomberg News. That’s a 7.1 percent drop from the previous quarter’s rate of 5.6, and a 21.2 percent drop year-over-year. The U.S. vacancy rate has decreased for seven straight quarters from a 30-year high of 8 percent at the end of 2009 . [more]
A furnished NYC apartmentMany of the same factors that have powered a strong rental market are driving a demand for furnished apartments, New York Magazine reported.
Turnkey apartments tend to offer shorter term leases, which appeal to renters who consider their current job temporary or are putting off purchasing decisions. They don’t want to invest in furniture if they believe they won’t be in the apartment for long. Another group prefers the short-term leases that characterize furnished apartments because they are typically quicker to process and require less paperwork. Regardless, they are faced with higher costs.
“In general, anything that rents for less than a year and is furnished will come at a premium — at least double,” said Jeff Schleider, managing director of Miron Properties. [more]
New York City’s renters are racing for an increasingly limited supply of multi-bedroom units, according to an inaugural quarterly rental market report by RentJuice, with only 36 percent of listed New York City apartments containing two bedrooms or more.
The average price to lease a New York City home is $3,267 per month, but renters are paying $7,782 on average for a unit in west Soho, Manhattan’s most expensive area, RentJuice’s data shows. Other pricey neighborhoods include Tribeca, Central Park South and Battery Park City, which have monthly rents averaging $7,782, $5,151 and $4,159 respectively, according to the report.
If a renter is seeking multiple bedrooms, Brooklyn may be the obvious choice. — Katherine Clarke [more]
As in the New York City market, rental vacancies nationally are way down and prices are up, according to a report by analytic firm Reis cited by the Wall Street Journal and Bloomberg News.
The national vacancy rate fell to 5.6 percent in the third quarter, the lowest figure since 2007, and 1.5 percentage points below where it stood during the same period a year ago. Meanwhile, the average rent rose to $1,004, from $997 in the second quarter and $981 in the third quarter of 2010. [more]
Using data from New York University’s Furman Center for Real Estate and Urban Policy, Nakedapartments.com created a visual graphic highlighting the unique aspects of New York City’s rental markets starting with one core factor: in the city, 69 percent of households are renters compared to 33 percent in the U.S. as a whole. While in Manhattan, buildings with 100 units or more are the most frequent, in Brooklyn and Queens one- to four-unit buildings are the most frequent rental properties. The percentage of rental apartments affordable to households making the New York City median income has dropped since 1970, and the median rent has risen for residents who have moved into rental apartments after the year 2000. Click here to see the rest of the graphic. – Miranda Neubauer
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]
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]
College graduates looking to land an affordable Manhattan rental apartment in
their first foray into the real world, better act fast — or they may be out of luck. As
the summer rental season inches closer, the market is growing stronger by the
month, according to two reports released today by Citi Habitats that track rental
deals brokered by the firm’s 12 offices.
Manhattan vacancy rates have declined every month since December’s high of 1.34.
In April the rate was 0.94 [more]
White-collar job growth in Manhattan will spur demand for market-rate
apartments in the city this year and push rents to record highs,
Marcus & Millichap predicts in a market report released today. According to the report, New York City’s office-using employers are poised to see their largest year for hiring in a decade, adding a total of 45,000 new positions to their payrolls. In turn, that will boost the number of people looking to rent apartments, pushing down the vacancy rate to 3.3 percent in that sector. Meanwhile, rental rates will reach record highs, Marcus & Millichap said, with asking rents rising 5.7 percent to $3,790 per month. TRD [more]
