Manhattan Residential Rental Market Report First Quarter 2015

Transcription

1 Manhattan Residential Rental Market Report First Quarter 5

2 First Quarter 5 The First Quarter of the year typically is less active than the Second and the Third. To create a sense of value for prospective tenants while buoying rents, landlords get creative to make deals happen. During the first quarter of 5, incentives like one month of free rent or payment of the broker s fee helped drive traffic and lowered the vacancy rate. Thanks to these concessions, average rents increased in the First Quarter for all apartment sizes except three-bedroom units, which experienced a slight decline. % of First Quarter transactions negotiated by us included some form of move-in incentive, compared to % during the fourth quarter of 4. The percentage of concessions was unchanged year-over-year. Average rents for studio units increased the most over the prior quarter, with a 4.% jump. Onebedroom homes increased in price by.%, while two-bedrooms were.3% more expensive. In contrast, rents for three-bedroom units fell slightly, by.7%. The same held true year-over-year, with higher average rents for smaller apartment sizes, and a decline for larger-sized homes. The low vacancy rate contributed to upward pressure on Manhattan s rents: just % of rental apartments were available during the first quarter of 5, down from.7% in the fourth quarter of 4. Would-be tenants also had slightly less inventory to choose from than a year ago: during the first quarter of 4, 4% of apartments were vacant. Renting an apartment in New York City can be a challenging process. Keeping up to date on current market conditions is the first step in making a smart decision regarding your next move. We hope this report is your touchstone in that process, and we welcome your questions about it. Average rents cited in this report are, for the most part, gross rents, not net-effective rents, and do not include landlord incentives, unless the face rent reported on the lease was the net-effective amount. All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com

3 First Quarter 5 AVERAGE RENT SUMMARY: Q 5 Location Studio BR BR 3BR BPC/Financial Dist. $,487 3,35 4,988 6,35 $,33 3,3 5,44 6,8 $,44,846 3,343 3,9 $,375 3,3 5,85 6,77 $,4,64,45 3,83 $,59,46 3,5 4,8 $, 3,66 4,34 4,658 $,6,954 4,5 4,674 $,5,683 3,43 3,45 $,65,88 3,579 4,43 Soho/Tribeca $,45 3,798 5,976 9,937 $,94,574 3,6 5,83 $,65,77 4,78 5,77 $,359,79,8,4 $,664 3,55 4,458 5,75 Average: Q/5 $,3,877 3,93 5, Average: Q4/4 $,46,84 3,88 5,37 % Change 4.%.%.3% -.7% Average: Q/4 $,39,79 4,9 5,67 % Change: Q-4/5 4.6% 3.% -.4% -.3% AVERAGE VACANCY RATE: Q 5 Location BPC/Financial Dist..65%.37%.3% Gramercy.9%.7% 7%.4% Soho/Tribeca.%.4%.8%.89% Average: Q/5 % Average: Q4/4.7% Difference -. Average: Q/4 4% Difference: Q-5/4 -. CONCESSION FIRST QUARTER 5 % OVERALL BLENDED AVERAGES: Q 5 BLDG Classification Studio BR BR 3BR New Development w/ DM* $3,378 4,539 6,94 7,78 Doorman $,85 3,956 6,7 7,74 Elevator** $,48 3,87 4,347 5,6 Walkup*** $,5,76 3,633 4,74.5 MANHATTAN RENTAL VACANCY RATES: Q 5 4% %.35%.7% / Q/4 Q/4 Q3/4 Q4/4 Q/5 % 6, 5, 4, 3,,, BPC/Financial Dist. MEDIAN RENT SUMMARY: Q 5 Median $3,575 $3,567 $,9 $3,633 $,367 $,767 $3,9 $3,375 $,55 $,967 $6,8 $,433 $,558 $,873 $3,4 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 3

4 First Quarter 5 AVERAGE RENT SUMMARY: March 5 AVERAGE VACANCY RATE: March 5 % Location Studio BR BR 3BR Location BPC / Financial Dist. $,53 3,8 4,95 6, BPC / Financial Dist..63% $,34 3,339 5,75 6,.4% $,3,88 3,49 4,6.69% $,375 3,49 5,9 6,34 Gramercy.78% $,3,3,579 3, 4% $,975,435 3,83 4,6 7% $,4 3,55 4,3 4,693.46% Soho/Tribeca.8% $,3 3,56 4,83 5,8.8% $,,598 3,8 3,3.% $,75,834 3,57 4,37.7% Soho/Tribeca $,4 3,74 6,37 9,65 Average: March % $,93,66 3,4 5,4 Average: February.45% $,37,663 3,733 6,5 Difference.5 $,35,578,5,33 $,69 3,783 4,3 5,754 Average: March $,8,885 3,94 5,53 Average: February $,54,87 4, 5,68 CONCESSION MARCH 5 % Change 3% % -% -% OVERALL BLENDED AVERAGES: March 5 BLDG Classification Studio BR BR 3BR New Development w/ DM* $3,374 4,636 6,958 7,847 Doorman $,865 3,963 6,86 7,333 Elevator** $,44 3,34 4,47 5,853 Walkup*** $,5,797 3,646 4, MANHATTAN RENTAL VACANCY RATES: March 5.6%.73%.74%.4%.6%.46%.36%.7%.% %.7%.45% % Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar/5 7, 6, 5, 4, 3,,, BPC / Financial Dist. MEDIAN RENT SUMMARY: March 5 Median $3,55 $3,4 $,8 $3,6 $,35 $,6 $3,5 $3,3 $,6 $,75 $5,95 $,5 $,65 $,85 $3,45 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 4

5 First Quarter 5 AVERAGE RENT SUMMARY: February 5 AVERAGE VACANCY RATE: February 5 % Location Studio BR BR 3BR Location BPC / Financial Dist. $,4 3,4 4,85 6,374 BPC / Financial Dist. % $,43 3,96 5,438 6,5.7% $,33,99 3,43 3,85.9% $,35 3,45 5,94 6,99 Gramercy.74% $,394,48,36 3,75.68% $,88,5 3, 4,9 5% $,7 3,99 4,35 4,635.8% Soho/Tribeca.7% $,66,93 4,39 4,55.4% $,5,675 3, 3,55.68% $,4,94 3,63 4,478.98% Soho/Tribeca $,45 3,979 6,4 9,9 Average: February.45% $,98,688 3,3 5,94 Average: January.6% $,95,749 4,58 5,7 Difference -.5 $,346,73,969,37 $,6 3,45 4,6 5,895 Average: February $,5,893 3,957 5,33 Average: January $,39,853 3,895 5,4 CONCESSION FEBRUARY 5 % Change % % % % OVERALL BLENDED AVERAGES: February 5 BLDG Classification Studio BR BR 3BR New Development w/ DM* $3,383 4,553 6,883 7,696 Doorman $,864 3,963 6, 7,3 Elevator** $,49 3,8 4,55 5,69 Walkup*** $,65,786 3,64 4, MANHATTAN RENTAL VACANCY RATES: February 5.6%.73%.74% %.4%.6%.46%.36%.7%.% %.7%.45% Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb/5 7, 6, 5, 4, 3,,, BPC / Financial Dist. MEDIAN RENT SUMMARY: February 5 Median $3,6 $3,7 $3, $3,8 $,4 $,9 $3, $3,45 $,575 $3,5 $6,5 $,45 $,5 $,85 $3,4 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 5

6 First Quarter 5 AVERAGE RENT SUMMARY: January 5 AVERAGE VACANCY RATE: January 5 % Location Studio BR BR 3BR Location BPC / Financial Dist. $,53 3,4 5,64 6,4 BPC / Financial Dist..8% $,58 3,37 5,5 6,68.6% $,69,79 3,7 3,86.5% $,4 3,78 5,33 6,99 Gramercy.% $,58,3,75 3,73.95% $,5,45 3,3 4,45 8% $,9 3,44 4,45 4,647 % Soho/Tribeca.9% $,98,874 3,853 4,48.99% $,,775 3,48 3,5.76% $,79,79 3,597 4,44.63% Soho/Tribeca $,5 3,69 5,648,95 Average: January.6% $,9,49 3,73 6,99 Average: December.74% $,6,768 4,34 5,588 Difference -.4 $,38,85,65,498 $,679 3,465 4,474 5,6 Average: January $,39,853 3,895 5,4 Average: December $,3,84 3,83 5,9 CONCESSION JANUARY 5 % Change 5% % % % OVERALL BLENDED AVERAGES: January 5 BLDG Classification Studio BR BR 3BR New Development w/ DM* $,94 4,46 6,5 8,53 Doorman $,58 3,559 5,54 7,8 Elevator** $, 3,7 4,47 5,39 Walkup*** $,977,653 3,53 4, MANHATTAN RENTAL VACANCY RATES: January 5.6%.73%.74%.6%.6% %.46%.4%.36%.7%.% %.7% Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan/5 7, 6, 5, 4, 3,,, BPC / Financial Dist. MEDIAN RENT SUMMARY: January 5 Median $3,575 $3,6 $,9 $3,5 $,35 $,8 $3,5 $3,375 $,4 $3, $6,55 $,35 $,55 $,945 $3,35 The Corcoran Group is a licensed real estate broker located at 66 Madison Ave, NY, NY 65. corcoran.com 6