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August Rental Market Prices Steady, Vacancies Drop
New York, NY (September 9, 2009) –
Citi Habitats, one of Manhattan’s leading residentialbrokerages, released its monthly rental market analysis for August 2009, reporting only minorchanges in average rental rates across all categories of apartment sizes as compared to July2009. Studio apartment rates changed to $1,756, representing a decrease of 1% from July2009; a one bedroom, $2,442 representing an increase of 1% from July 2009; a two bedroom,$3,372 representing a slight increase from July 2009; and three bedroom, $4,583 representing adecrease of 1% from July 2009.A comparative analysis of August 2009 rental rates to August 2008 indicates that rental rates forstudios decreased in 2009 by 9% ($1,919), one bedroom rates decreased in 2009 by 8%($2,668), two bedroom rates decreased in 2009 by 9% ($3,721) and three bedroom ratesdecreased in 2009 by 8% ($4,995).The firm also reported a decrease in the overall vacancy rate as compared to July 2009 results,decreasing from 1.67% to 1.62%. This is the fourth consecutive month that the vacancy ratehas been reported at less than 2.0% indicating a very tight market in terms of inventory levels.A comparative analysis of August 2009 vacancy rates to August 2008 indicates that vacancyrates increased in 2009 by 0.23 (1.39%).All statistics cited in this report were compiled using solely Citi Habitats closed transactionsduring the stated period of the report.The firm also reported today an increase in the amount of overall rental transactions for themonth of August 2009 as compared to that same period for 2008, continuing a trend ofincreasing numbers of rental transactions month over month for the first eight months of 2009.Gary Malin, president of Citi Habitats noted “For the past eight months we have been pleasantlyoverwhelmed by the amount of rental transactions, which have far surpassed totals and recordsset during the same period of 2008. In addition to the influx of new residents, including thosepeople who were previously priced out of the Manhattan market, we are seeing an incredibleamount of activity from current residents interested in moving to a different neighborhood orlooking to upgrade or downsize their apartment.”Citi Habitats is the largest residential rental brokerage in Manhattan, renting over 10,000apartments in 2008.
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