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February Rental Report: Who's Hip?

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In February 2014, the median rental price in the borough of Manhattan has fallen once again from the previous month, January 2014, at a rate of -0.4%. This equates to six total months of median rental decrease. Since last summer rent can be considered as remaining flat, but although the decreases are definitely on a small incremental scale, they are in fact continuing to decrease. Giving Manhattan renters something to smile about, well a small smile in the least. Comparing February 2014 to February 2013 we see a -2.8% decrease in the median rental price, decreases remaining steady on this front, for now at least.

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Landlords Continue to Push Rents Higher and Higher

Rents for luxury rental apartments in Manhattan on the riseIt’s time to throw traditional conceptions about the winter rental market in Manhattan out the window. With ideal conditions for raising rents in luxury apartments in Manhattan – high demand, restricted inventory, and low vacancy rates - landlords have spent the past 6 months doing exactly that, which is why the average Manhattan rent in February was just $18 off its all-time high. Even in the best of times, winter is traditionally known for concessions, high vacancy rates, and lower rents, but the exact opposite has happened this year, which is why many buildings are opting to switch from condos to rentals. And in the absence of the usual ebb in market activity, spring and summer will likely push the average Manhattan rent even higher, especially in new apartment developments. Overall, the Manhattan rental market has risen 14% since its nadir in 2009, largely because many wealthy Manhattan residents are reluctant to buy luxury apartments out of fear that they will depreciate in value, creating a large pool of potential renters of luxury apartments in Manhattan who aren’t hesitating to forgo concessions and pay higher rents.

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Finding Vacant Manhattan Apartments Becoming More Of A Challenge?

Manhattan Luxury Condos - Vacant Manhattan ApartmentsLooking for a rental apartment in New York City is definitely a challenge in the market today. In all of New York City only 2.8% of the city’s apartments are vacant and in need of tenants reported the Wall Street Journal. This can make it difficult for renters to find the variety that they would like when it comes to the housing market, but with a little help from a broker some finagling can be done to find the perfect vacant apartment for each renter, making landlords even happier than they already are for having few—if any—vacant apartments in their buildings.

Along with a decrease in vacant apartments, average rent in the city has increased in the second quarter of 2011, almost reaching a previous high from 2008. Apartments for rent are expected to pass this high throughout the rest of the year. Throughout this economic crisis, landlords have been offering incentives to attract renters: a free month’s rent, paying broker fees. Now that there are fewer vacant apartments available for rent, you’d think this has changed and it has slightly, but these deals are still around. Potential renters can take advantages of these incentives, making the process of finding a vacant apartment for rent in Manhattan more rewarding in the end, however Crain’s New York reported that only 7% of rental deals include a free month’s rent or payment of the broker’s fee compared to 25% of rental deals at the same time a year earlier.

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