As mediocre as rental data is for Manhattan, I thought it would be useful to start a rental data discussion. I'll start things off with Citi's February report (which came out today):
http://www.citi-habitats.com/media/pdf/2009-2-mra.pdf
and TREGNY's February report from a few days ago:
http://www.tregny.com/pdf/market_report_feb_09.pdf
I prefer to ignore TREG's report as it is clearly based on worse data (look at how noisy it is).
Citi's report shows exactly what you would expect. I have been keeping track of Citi's reports and Manhattan vacancies have doubled in 8 months and asking rents have dropped by about 10% in the same time (for studios to 2 beds.. 3 beds have dropped by 13%). Note that these drops don't include paying for brokers fees and other incentives, so the real average cost of getting an apartment for 1 year has dropped by well over 10%.
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Response by hejiranyc
almost 17 years ago
Posts: 255
Member since: Jan 2009
I think I'm going to call B.S. on the citi report. There is supposed to be less vacancy in FiDi than the West Village? Oh puhlease...
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Response by EastVillager
almost 17 years ago
Posts: 55
Member since: Jan 2009
Yeah vacancy numbers are pretty unreliable.. probably a larger percentage of large landlords in FiDi who are more likely to warehouse or otherwise hide vacancies. And I was wrong about the Citi report using asking rents, they use what apartments actually rented for. Thats probably why the data is much better than TREGNY's report.
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Response by 212CondoDude
almost 17 years ago
Posts: 54
Member since: Jan 2009
I wish citi's report would separate out some areas... for instance in Harlem East side rentals are dramatically cheaper than the west and central harlem rentals.
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Response by EastVillager
over 16 years ago
Posts: 55
Member since: Jan 2009
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amc0D0.usvwY More good news from Citi Habitats, report doesn't appear to be on the website yet though.
Vacancies are still rising and prices are still falling. I myself just signed a new lease at a 15% discount to the previous tenant.
I am a part-owner of a number of mid-rise rentals in Manhattan. I'd say rent decrease depends a lot on location. In my buildings, I have found the weaker locations have had their rent levels hurt the most. From the market's top, I'd say rents have decreased 10-20 percent. Does anybody know what's happenning in Avalon Bay's properties?
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Response by MDP
over 16 years ago
Posts: 13
Member since: Mar 2009
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Response by MDP
over 16 years ago
Posts: 13
Member since: Mar 2009
Does anyone have any data points for leasing incentives at some of the high rises in the Chelsea/6th Avenue area? (Capitol, Landmark, 60W23rd, etc)
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I think I'm going to call B.S. on the citi report. There is supposed to be less vacancy in FiDi than the West Village? Oh puhlease...
Yeah vacancy numbers are pretty unreliable.. probably a larger percentage of large landlords in FiDi who are more likely to warehouse or otherwise hide vacancies. And I was wrong about the Citi report using asking rents, they use what apartments actually rented for. Thats probably why the data is much better than TREGNY's report.
I wish citi's report would separate out some areas... for instance in Harlem East side rentals are dramatically cheaper than the west and central harlem rentals.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amc0D0.usvwY
More good news from Citi Habitats, report doesn't appear to be on the website yet though.
Vacancies are still rising and prices are still falling. I myself just signed a new lease at a 15% discount to the previous tenant.
Also TREGNY's new report - http://www.tregny.com/pdf/market_report_mar_09.pdf
I am a part-owner of a number of mid-rise rentals in Manhattan. I'd say rent decrease depends a lot on location. In my buildings, I have found the weaker locations have had their rent levels hurt the most. From the market's top, I'd say rents have decreased 10-20 percent. Does anybody know what's happenning in Avalon Bay's properties?
Test
Does anyone have any data points for leasing incentives at some of the high rises in the Chelsea/6th Avenue area? (Capitol, Landmark, 60W23rd, etc)