The Manhattan rental apartment vacancy rate declined to 2.28 percent in April from 2.37 percent in March and 2.48 percent in February after steadily climbing from 1.15 percent last May, according to a report issued today by CitiHabitats.
The study indicated that the average monthly rent for a studio was $1,774, $2,434 for a one-bedroom, $3,460 for a two-bedroom and $4,607 for a three-bedroom. The SoHo/TriBeCa areas had the highest rents for studios and one-bedrooms while the lowers rates were in Washington Heights.
For two-bedroom rental units, the report found that SoHo/TriBeCa had the highest rents, $4,993, followed by Chelsea, $4,538; Gramercy/Flatiron, $4,265; West Village, $4,093; Wall Street/Battery Park City, $4,038; Midtown East, $3,940; Midtown West, $3,657; Upper West Side, $3,423; East Village, $3,394; Murray Hill, $3,216; Upper East Side, $3,098; Lower East Side, $3,084; Morningside Heights, $2,629; and Washington Heights, $1,700.
For post 2003 doorman buildings, studio rents in April averaged $2,408, one-bedroom units $3,412, two-bedroom units $6,343 and three bedroom units $9,145. Older doorman buildings in April averaged $2,094 for studios, $3,096 for one-bedroom units, $4,649 for two-bedroom units, and $6,021 for three bedroom units. Walkups averaged in April $1,603 for studio apartments, $2,093 for one-bedroom units, $2,911 for two-bedroom units and $4,579 for three-bedroom apartments.
The company also released a five-year study of Manhattan apartment rents from 2004 to 2008 that indicated that studios climbed during that period from $1,693 to $2,080; one bedrooms rose from $2,380 to $2,895; two bedrooms rose from $3,332 to $4,151 and three-bedrooms climbed from $4,577 to $5,589.
In that report, Gary Malin, the president of CitiHabitats noted that his company "reported significantly higher volume of rental transactions from the January through the April 2009 period than the same period in 2008 - proof that people are moving to Manhattan and sill value all that this City has to offer."
"With the recent downtown in the economy, many perceived that the rental market was also experiencing great difficulties; however, the rental market is still quite health due to the great appreciation experienced during this period. Since no market is totally immune to the effects of current economic difficulties, during the latter part of this period we saw an increase in landlord incentives (owner-paid commissions and free rent), and appropriate pricing became an important factor for owners to consider when placing units on the market for rent." Mr. Malin declared.
The study indicated that the average monthly rent for a studio was $1,774, $2,434 for a one-bedroom, $3,460 for a two-bedroom and $4,607 for a three-bedroom. The SoHo/TriBeCa areas had the highest rents for studios and one-bedrooms while the lowers rates were in Washington Heights.
For two-bedroom rental units, the report found that SoHo/TriBeCa had the highest rents, $4,993, followed by Chelsea, $4,538; Gramercy/Flatiron, $4,265; West Village, $4,093; Wall Street/Battery Park City, $4,038; Midtown East, $3,940; Midtown West, $3,657; Upper West Side, $3,423; East Village, $3,394; Murray Hill, $3,216; Upper East Side, $3,098; Lower East Side, $3,084; Morningside Heights, $2,629; and Washington Heights, $1,700.
For post 2003 doorman buildings, studio rents in April averaged $2,408, one-bedroom units $3,412, two-bedroom units $6,343 and three bedroom units $9,145. Older doorman buildings in April averaged $2,094 for studios, $3,096 for one-bedroom units, $4,649 for two-bedroom units, and $6,021 for three bedroom units. Walkups averaged in April $1,603 for studio apartments, $2,093 for one-bedroom units, $2,911 for two-bedroom units and $4,579 for three-bedroom apartments.
The company also released a five-year study of Manhattan apartment rents from 2004 to 2008 that indicated that studios climbed during that period from $1,693 to $2,080; one bedrooms rose from $2,380 to $2,895; two bedrooms rose from $3,332 to $4,151 and three-bedrooms climbed from $4,577 to $5,589.
In that report, Gary Malin, the president of CitiHabitats noted that his company "reported significantly higher volume of rental transactions from the January through the April 2009 period than the same period in 2008 - proof that people are moving to Manhattan and sill value all that this City has to offer."
"With the recent downtown in the economy, many perceived that the rental market was also experiencing great difficulties; however, the rental market is still quite health due to the great appreciation experienced during this period. Since no market is totally immune to the effects of current economic difficulties, during the latter part of this period we saw an increase in landlord incentives (owner-paid commissions and free rent), and appropriate pricing became an important factor for owners to consider when placing units on the market for rent." Mr. Malin declared.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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