July Rental Prices Continue to Sizzle

Citi Habitats released our monthly rental market analysis today, which is chock full of good info as always. You’ll find it below, but before you go digging into it, let me highlight a few nuggets:

  • The average Manhattan apartment rented for $3358 during July 2011.  This is slightly less than June’s average of $3372.   Note: City rents peaked at an all time high of $3394 during May 2007.  Rents remain only a few dollars away from the market’s peak.
  • The Manhattan vacancy rate during July 2011 was 0.86%.  This is up from June’s vacancy rate of 0.69% but is still teeny weeny. It means for every 1000 apartments in Manhattan, there are only 8 that are available for you to rent.
  • Soho/Tribeca has the tightest rental market with less than half a percent vacancy; you’ll have a (slightly) easier time finding a place on the Upper West Side and Midtown where the vacancy rate is (a still miniscule) 1%.
  • In July 2011, landlords in a mere 7% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants (mainly in new developments). In June 2011, the percentage was slightly higher at 8%.  A year ago,  however, the percentage of leases that included a concession was a substantial 25%.

In a separate post this weekend, I’ll detail the type of apartments renters are currently looking for and compare the average rental price search versus the average July price for each type of apartment.

Feel free to write me at sedry@citi-habitats.com or put any questions you might have into the comment section below.

Have a great weekend.

Click here for a pdf version of the file