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- The report found that during the month, all metrics used to examine the state of the city’s rental market shifted to the landlords’ favor. In January, Manhattan rents rose slightly across all apartment categories, the vacancy rate fell, and landlords pulled back on their use of move-in incentives.
- When compared to December 2014, average rents in January climbed 2% for one- two- and three-bedroom homes. However, the rise in price for studio units was more dramatic. Apartments of this size increased in monthly cost by an average of 5%.
- In January 2015, the borough-wide vacancy fell to 1.60% from December’s rate of 1.74%, and is the lowest Manhattan vacancy rate we have seen since September 2014, when the rate was 1.42%.
- The Upper East Side had the lowest vacancy rate in the borough, at 0.99%, and was the only neighborhood in the city with a sub-1% vacancy rate. This lack of inventory was caused, in part, by price-sensitive apartment seekers choosing new homes in this relatively affordable neighborhood.
- When examining incentives, 10% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in January, down from 13% in December.
“Manhattan’s rental market had a strong start to 2015,” commented Gary Malin, President of Citi Habitats. “The increasingly competitive market was partly the result of pent-up demand. With the holiday season over, apartment seekers were back in the market full-force during January. Would-be tenants wanted to take advantage of market conditions while they are still relatively favorable. For those in search of value, now is the time to act. Slowly but surely, we expect the rental market to continue its shift to the landlords’ favor as spring approaches.”
Click the image above to access the full report
Posted In: New York City Neighborhood News
Tagged: Central Park West Apartment, manhattan apartment, manhattan co-op, Manhattan condo, Manhattan Real estate, manhattan real estate agent, manhattan real estate broker, New York city apartment, new york city real estate agent, new york city real estate broker
Tagged: Central Park West Apartment, manhattan apartment, manhattan co-op, Manhattan condo, Manhattan Real estate, manhattan real estate agent, manhattan real estate broker, New York city apartment, new york city real estate agent, new york city real estate broker
Adam Ashkenas Manhattan Real Estate 
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