Residential rents inch up from earlier in year, but drop from last year: Citi Habitats

Source: Citi Habitats

Citi Habitats’ February market rental report found that rents inched up slightly from the previous month but fell from the same period last year (see below for full report).

According to the report, which includes only apartments leased by Citi Habitats, the average monthly rent for a studio increased 2 percent to $1,756 in February from $1,725 the previous month. Both figures are down from $1,764 in February of last year, according to Citi Habitats data.

Average rents for one- and two-bedrooms each increased 1 percent in February 2010 from the previous month, the report found, with one-bedroom rents rising to $2,335 from $2,318 and three-bedroom rents increasing to $3,283 from $3,257. The average rent for a one-bedroom fell 3 percent to $2,405 from February of 2009, and two-bedroom rents fell 6 percent year-on-year from $3,483.

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According to the report, the average rent for a three-bedroom apartment in February 2010 was $4,347, roughly on par with the previous month but down 4 percent from $4,528 last year.

Vacancy of rental apartments for February 2010 was 1.54 percent, the report found, virtually the same as January’s figure of 1.59 percent. The report estimated that were approximately 10,355 available Manhattan rental apartments available at any given time in February.    

Citi Habitats said it brokered “over 775 transactions” in February, but did not release the exact figure, saying it was “similar” to the number of deals it did in the same period of last year.

Manhattan’s rental market is known for its lack of transparency, and the Citi Habitats data is one of several competing and often contradictory reports.