March and Q1 2014 Manhattan Rental Market Reports

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MARCH 2014 FACTS:

When looking at the most recent data for March, we see that rents declined slightly month-over month – in contrast to the quarter-over-quarter increases.
The average Manhattan apartment rented for $3402 during March 2014, $15 less than the average in February.
The Manhattan vacancy rate also decreased – from 1.50% in February, to 1.46% in March.
During March 2014, 12% of leases signed included a landlord concession, unchanged from the month prior.

Q1 2014 FACTS:

Overall, market conditions shifted slightly towards the landlords’ favor during the quarter, partly to the increased use of move-in incentives.
These concessions created a sense of “value” in the marketplace, which helped fill vacant apartments.
In many cases, move-in incentives also prevented the need for landlords to lower their asking rents.
In fact, rents rose. Rents for all apartment sizes, except 3 bedroom units, increased slightly from Q4 2013 to Q1 2014.
The vacancy rate fell. The borough-wide rate was 1.5% for Q1 2014, compared to 1.7% during Q4 2013.

“Regardless of market conditions, renting an apartment in New York City can be a competitive, challenging process. To provide real estate knowledge and guidance to clients is a cornerstone of our business. To that end, we hope this report proves to be a valuable resource to tenants and property owners alike.” – Gary Malin, President of Citi Habitats

Full reports may be accessed below:
March 2014
Q1 2014