Manhattan Residential Rental Market Report First Quarter 6
First Quarter 6 This report analyzes data on Manhattan rental market activity in the First Quarter of 6 (January through March 3). By the end of the quarter, the rental market was effectively unchanged from Q4 5. Average rents for apartments of all sizes remained high but flat, and although the borough s vacancy rate declined from Q4 5, total market availability was still greater than it was at the same time a year ago..77% of apartments were available during Q 6, down from.96% in Q4 5 but up from.5% in Q 5. The lower quarterly vacancy rate is largely the result of an increase in landlord concessions usually one month of free rent or absorption of the brokerage fee. % of rental transactions brokered by us this quarter included a move-in incentive, compared to just % in Q4 and in Q 5. In fact, a larger percentage of leases included an incentive this quarter than in any other quarter since Q3 (%). (Quarter with most concessions recorded: Q4 9, 55%.) Offering incentives helped landlords keep rents steady. No segment moved by as much as a point in price. Studios rose.%, while the average rent for a one-bedroom apartment increased.7%. In contrast, rents for two- and three-bedroom homes fell.3% and.4% respectively. Year-over-year, however, average Manhattan rents climbed across the board. Rents for one-bedroom apartments increased the most, with a 4.5% rise. Meanwhile, rents for studio units rose.6%, two-bedrooms.%, and three-bedrooms.4%. This big picture analysis of a plateaued rental market is supported by the most recent data available. Average rents and vacancy rates in March 6 were effectively unchanged from February. In addition, % of leases signed in March and 5% of those signed in February included an incentive, considerably more than in the same months one year prior. Increased concessions suggests the Manhattan rental market is competing actively with other boroughs. Manhattan s rents are hovering near all-time highs, encouraging prospective renters to look at alternatives. The outer boroughs are well-prepared for the attention both Brooklyn and Queens are experiencing a boom in the construction of luxury rental properties. Regardless of your target neighborhood, renting an apartment in New York City can be a daunting process. Being well-informed on current market conditions is the first step in making a smart decision regarding your next move. With that goal in mind, we hope this report proves to be a valuable resource. The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com
First Quarter 6 AVERAGE RENT SUMMARY: Q 6 Studio BR BR 3BR BPC/Financial Dist. $,6 3,783 5,5 6,44 $,559 3,365 5,3 6,776 $,3,735 3,94 4,567 $,563 3,47 5,5 6,53 $,544,8,46 3,383 $,9,99 3,558 4, $,345 3,394 4,9 5,9 $,346 3,4 4,553 5,5 $,3,47 3,335 4,5 $,387 3,9 3,95 4,573 Soho/Tribeca $,44 3,666 5,59 8,4 $,95,585 3,383 5,578 $,9,88 3,8 5,889 $,5,657,9,64 $,558 3,75 4,694 5,68 Average: Q/6 $,87 3,7 4,3 5,4 Average: Q4/5 $,83,986 4,5 5,4 % Change.%.7% -.3% -.4% Average: Q/5 $,3,877 3,93 5, % Change: Q-5/6.6% 4.5%.%.4% AVERAGE VACANCY RATE: Q 6 BPC/Financial Dist..98%.86%.49% Gramercy.8%.9%.96%.59% Soho/Tribeca.4%.6%.5%.% Average: Q/6.77% Average: Q4/5.96% Difference.9 Average: Q/5.5% Difference: Q4-5/4.5 CONCESSION FIRST QUARTER 6 % OVERALL BLENDED AVERAGES: Q 6 BLDG Classification Studio BR BR 3 BR New Development w/ DM* $3,37 4,57 6,96 8,44 Doorman $,89 3,975 6,58 7,465 Elevator** $,46 3,3 4,576 5,687 Walkup*** $,7,76 3,685 4,85.5.5 MANHATTAN RENTAL VACANCY RATES: Q 6.96%.77%.5%.5%.39% Q/5 Q/5 Q3/5 Q4/5 Q/6 6, 5, 4, 3,,, BPC/Financial Dist. MEDIAN RENT SUMMARY: Q 6 Median $3,765 $4,44 $3,37 $4,8 $,533 $,975 $3,64 $3,577 $3,483 $3,548 $5,735 $3,364 $3,77 $,46 $3,89 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 3
First Quarter 6 AVERAGE RENT SUMMARY: March 6 Studio BR BR 3 BR BPC / Financial Dist. $,68 $3,77 $5,45 $6,395 $,63 $3,46 $5,7 $6,66 $,58 $,83 $3,43 $4,475 $,5 $3,33 $5, $6,54 $,55 $,3 $,589 $3,388 $,5 $3,5 $3,575 $4,9 $,45 $3,93 $4,75 $5,35 $,43 $3,353 $4,463 $5,5 $, $,5 $3,73 $4,54 $,35 $3,3 $4, $4,673 Soho/Tribeca $,53 $3,698 $5,899 $8,5 $,976 $,55 $3,3 $5,55 $,4 $,836 $3,875 $6, $,73 $,678 $,75 $,5 $,685 $3,656 $4,3 $5,598 Average: March $,8 $,983 $4, $5, Average: February $,9 $3,6 $4,4 $5,36 % Change % -% % % AVERAGE VACANCY RATE: March 6 BPC / Financial Dist..83%.6%.48% Gramercy.6%.86%.9%.59% Soho/Tribeca.9%.76%.%.33% Average: March.79% Average: February.74% Difference -.5% CONCESSION MARCH 6 % OVERALL BLENDED AVERAGES: March 6 BLDG Classification Studio BR BR 3 BR New Development w/ DM* $3,344 4,553 7,77 8,577 Doorman $,84 4, 6,4 7,7 Elevator** $,45 3,9 4,6 5,79 Walkup*** $,35,775 3,78 4,978.5.5.5 MANHATTAN RENTAL VACANCY RATES: March 6.8%.%.6%.6%.9%.74%.79%.5%.37%.3%.4%.4%.7% Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar/6 7, 6, 5, 4, 3,,, BPC / Financial Dist. MEDIAN RENT SUMMARY: March 6 Median $3,75 $4,45 $3,45 $4,5 $,6 $,9 $3,598 $3,55 $3,6 $3,6 $5,35 $3,398 $3,845 $,498 $3,8 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 4
First Quarter 6 AVERAGE RENT SUMMARY: February 6 Studio BR BR 3 BR BPC / Financial Dist. $,65 $3,9 $5, $6,43 $,454 $3,35 $5,94 $6,793 $,59 $,758 $3,55 $4,6 $,594 $3,45 $5,57 $6,365 $,48 $,986 $,343 $3,388 $,5 $,95 $3,5 $4,5 $,37 $3,398 $4,5 $5,6 $,99 $3,44 $4,55 $5,4 $,35 $,46 $3,33 $4,97 $,44 $3,36 $3,9 $4,535 Soho/Tribeca $,48 $3,6 $5,488 $8,88 $,936 $,68 $3,459 $5,55 $, $,94 $3,674 $5,799 $,34 $,6 $,7 $,67 $,553 $3,74 $5,44 $5,744 Average: February $,9 $3,6 $4,4 $5,36 Average: January $,63 $3,3 $4,5 $5,5 % Change % % -% % AVERAGE : February 6 BPC / Financial Dist..95%.96%.5% Gramercy.87%.77%.87%.46% Soho/Tribeca.6%.57%.83%.5% Average: February.74% Average: January.9% Difference -.6% CONCESSION FEBRUARY 6 5% OVERALL BLENDED AVERAGES: February 6 BLDG Classification Studio BR BR 3 BR New Development w/ DM* $3,46 4,54 6,993 8,4 Doorman $,84 3,99 6,57 7,458 Elevator** $,4 3,5 4,6 5,747 Walkup*** $,78,75 3,76 4,847.5.5.5 MANHATTAN RENTAL VACANCY RATES: February 6.8%.%.6%.9%.6%.74%.45%.5%.37%.3%.4%.4%.7% Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb/6 7, 6, 5, 4, 3,,, BPC / Financial Dist. MEDIAN RENT SUMMARY: February 6 Median $3,795 $4,395 $3,3 $4,9 $,5 $,975 $3,675 $3,594 $3,5 $3,595 $5,995 $3,495 $3,875 $,5 $3,9 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 5
First Quarter 6 AVERAGE RENT SUMMARY: January 6 Studio BR BR 3 BR BPC / Financial Dist. $,56 3,73 5,6 6,93 $,6 3,38 5,375 6,875 $,77,635 3,4 4,65 $,594 3,567 5,58 6,39 $,6,9,45 3,373 $,75,996 3,6 4,9 $,58 3,49 4,5 4,95 $,38 3,495 4,67 5,3 $,56,49 3,4 4,3 $,396 3,5 3,856 4,5 Soho/Tribeca $,67 3,7 5, 8,9 $,86,6 3,368 5,683 $,7,645 3,885 5,867 $,8,67,65,795 $,436 3,746 5,9 5,7 Average: January $,63 3,3 4,5 5,5 Average: December $,78,97 4,37 5, % Change -% % % % AVERAGE : January 6 BPC / Financial Dist..5%.%.74% Gramercy.9%.%.93%.7% Soho/Tribeca.5%.48%.%.6% Average: January.9% Average: December.6% Difference -.3 CONCESSION JANUARY 6 7% OVERALL BLENDED AVERAGES: January 6 BLDG Classification Studio BR BR 3 BR New Development w/ DM* $3,36 4,488 6,87 7,7 Doorman $,83 3,94 6,7 7,7 Elevator** $,44,896 4,497 5,5 Walkup*** $,38,75 3,57 4,73.5.5.5 MANHATTAN RENTAL VACANCY RATES: January 6.6%.45%.8%.%.6%.9%.6%.5%.37%.3%.4%.4%.7% Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan/6 7, 6, 5, 4, 3,,, BPC / Financial Dist. MEDIAN RENT SUMMARY: January 6 Median $3,75 $4,478 $3, $4,95 $,5 $3,5 $3,6 $3,588 $3,35 $3,45 $5,895 $3, $3,4 $,5 $3,975 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 6