Rents drop, transaction volume goes up, Citi Habitats report shows

New York /
Nov.November 11, 2009 10:54 AM

Citi Habitats saw rents continue to fall last month but reported an increase in transactions, according to the firm’s October rental market report, released today.

The average rent for an apartment leased by Citi Habitats, the city’s largest rental brokerage, fell between 6 and 9 percent in October of 2009 from the same period last year, the report found (see the full report below).

The average rent for a studio was $1,731, falling 9 percent from $1,901 in October last year, according to the report, which is based on Citi Habitats’ closed transactions.

One-bedrooms rented for an average of $2,384, down 7 percent from $2,563 in October 2008, while two-bedrooms went for $3,307, dropping 8 percent from $3,605 last year. For three-bedrooms, the average rent was $4,494, a dip of 6 percent year-over-year from $4,774.

Rents in all categories fell roughly 1 percent between September and October of 2009, the report found.

The firm said it did around 1,000 transactions in October 2009, up from roughly 700 transactions in the same month of last year. Citi Habitats has done more rental transactions each month of 2009 than the corresponding month last year, which Gary Malin, the company’s president, said was due to greater “vitality and demand” this year.

The report found a vacancy rate of 1.86 percent in October, up from 1.83 percent in the previous month.

The report is one of the city’s many competing rental reports.

October Rental Market Report


Related Articles

arrow_forward_ios
April’s occupancy levels climbed to 61.6 percent, above March’s 60.9 percent. (iStock)
Demand for short-term rentals surges past pre-pandemic levels
Demand for short-term rentals surges past pre-pandemic levels
Manhattan and Brooklyn saw all-time records in lease signings in April (iStock)
April leases soared across city; so did concessions
April leases soared across city; so did concessions
President Joe Biden and New York State Senator Brian Kavanagh. (Getty, Department of Treasury)
Federal guidelines could complicate state’s rent relief rollout
Federal guidelines could complicate state’s rent relief rollout
As the economy rebounds, rental prices are following suit. With the eviction ban recently overturned, that spells trouble for tenants who are struggling to make ends meet. (iStock)
Rents rise across country as economy rebounds
Rents rise across country as economy rebounds
RGB chair David Reiss (iStock, Brooklyn Law)
City board considers rent hike in preliminary vote
City board considers rent hike in preliminary vote
U.S. District Court Judge Dabney Friedrich (Senate/Chris Coons, iStock)
Judge strikes down federal eviction ban
Judge strikes down federal eviction ban
(Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Renters prepare for eviction crisis as aid is held up
Renters prepare for eviction crisis as aid is held up
A rendering of One Boerum Place with Avery Hall Investments' Avi Fisher (top) and Brian Ezra (SLCE Architects, Avery Hall Investments)
Shifting gears: Brooklyn condo tower to debut as rental
Shifting gears: Brooklyn condo tower to debut as rental
arrow_forward_ios

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

Loading...