Incentives drive Manhattan rental volume up, Citi Habitats finds

October 05, 2009 02:00PM

There has been an uptick in Manhattan rental deals, according to Citi Habitats' third-quarter residential rental market report released today. The rental giant announced that it signed more than 3,800 rental transactions over the quarter, approximately 500 more transactions than in the same quarter a year ago. Citi Habitats President Gary Malin said that the increased activity was due in part to landlords aggressively pursuing tenants throughout the quarter with promotional packages. "We are seeing that landlords who are proactive in marketing their properties by offering incentives -- owner-paid commissions and/or free rent -- are successfully driving traffic to their properties," Malin said. That uptick in activity came as average rental prices came in 8 percent lower than they were a year ago and vacancy rates were "marginally" higher -- around 0.41 percent -- according to the report. TRD

Tags: Gary malin citi habitats rentals

Comments

Anonymous

More transaction yes. However, there is no mention of how much smaller the commissions have gotten.

Comment #1 Posted By: Anonymous 10/05/09

Anonymous

I don't know about you, but all I'm talking to is alot broke brokers.

Comment #2 Posted By: Anonymous 10/05/09

Anonymous

Has anyone noticed that they went from 16 offices in 2007 to 10 now plus their corporate office?

Comment #3 Posted By: Anonymous 10/05/09

Anonymous

Yeah, Their old John Street office is operating out of some other firm's space.

Comment #4 Posted By: Anonymous 10/05/09

Anonymous

smoke & mirrors baby.....

Comment #5 Posted By: Anonymous 10/05/09

Anonymous

Is that Joe Camel?

Comment #6 Posted By: Anonymous 10/05/09

Leave a Comment

(optional)
(optional)

The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance or advertisements. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.