Citi releases first peak season rental report

Manhattan report shows average rents dropping

New York /
Sep.September 23, 2009 12:43 PM

Citi Habitats released its first-ever peak season rental report today, analyzing Manhattan’s rental market performance during the industry’s peak months: May through August.

Citi Habitats President Gary Malin said in the report that the time period is particularly significant.

“During this period, the market experiences increased activity due to several factors, including students graduating from schools and universities, new hires relocating to Manhattan and current renters reassessing their housing situation,” Malin said. “Additionally, many landlords stagger leases, when possible, so as to have leases end during this period of higher demand.”

The data, compiled using Citi Habitats’ closed transactions, compares average rents in studios and one-, two- and three-bedroom units, and shows prices dropping. Average rents across the borough — excluding incentives — dropped by 8 percent or more between May and August 2009, compared to the same four months in 2008, with studio apartments and two-bedroom apartments showing the steepest drop at 11 percent.
(See the full Citi Habitats report below.)

Despite the drop in prices, vacancy rates during the 2009 peak season rose less than half a percentage point from the same time period a year before. Citi Habitats also saw a sharp uptick in its rental transactions — it completed approximately 5,700 deals during peak season 2009, approximately 1,100 more than in 2008.

Meanwhile, TDG/TREGNY has released its September 2009 Manhattan rental market report showing that increased rental activity in September is helping to stabilize prices. Still, the TREGNY report was reluctant to predict a market recovery. “While September did show modest improvement, the numbers are not strong enough to indicate that the market will rebound this year,” the report says.
(See the full TDG/TREGNY report below.)

The Real Deal recently looked at the state of the Manhattan rental market in a Webcast. TRD

CitiHabitats Peak Season 2009 Report

TREGNY


Related Articles

arrow_forward_ios
Molly Ringwald and Alexi Lubomirski (Getty Images, Credit Cristina Cote of The Cote Team)
Molly Ringwald’s former East Village townhouse lists for $9.2 million
Molly Ringwald’s former East Village townhouse lists for $9.2 million
27 Vandam Street, Hudson Square (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Hudson Square townhouse in contract at $15M could break area record
Hudson Square townhouse in contract at $15M could break area record
Silverback's Josh Schuster and Hopson's Chu Mang Yee with rendering of the project at 131-141 East 47th Street (LinkedIn, Getty, Ismael Leyva Architects)
Schuster out as Hopson borrows $156M for Midtown tower
Schuster out as Hopson borrows $156M for Midtown tower
Mayor of New York City Eric Adams (iStock/Adams via Paul Dilakian)
Mayor proposes restoring unstaffed voucher discrimination unit
Mayor proposes restoring unstaffed voucher discrimination unit
Neil Patrick Harris and David Burtka in front of 2036 Fifth Avenue (Getty Images, Google Maps)
Neil Patrick Harris sells Harlem brownstone in neighborhood record
Neil Patrick Harris sells Harlem brownstone in neighborhood record
Darien First Selectman Monica McNally and Great Island in Darien, Connecticut (Darien Republicans, Google Maps)
Fairfield County town nears private island purchase for over $100M
Fairfield County town nears private island purchase for over $100M
From left: Oaktree Capital Management co-chairman Howard Mark; Helmut Lang; Hess CEO John Hess; and 8 Tyson Lane in East Hampton, Long Island (Getty Images, Oaktree Capital Management, Google Maps, Hess)
Helmut Lang finally sells East Hampton estate
Helmut Lang finally sells East Hampton estate
A photo illustration of 6 South Oxford Street in Fort Greene (Compass)
Townhouse set to smash Fort Greene price record
Townhouse set to smash Fort Greene price record
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...