M O R E B R O K E R P E R S Q F T
J a n u a ry / F e b r u a ry 2010Rentals
PUBLISHER and EDITOR-IN-CHIEF
Christopher Dente, Director of PR [email protected]
WRITER
Alicia Marenzana [email protected]
GRAPHIC DESIGN
Chris Miolla [email protected]
CITI HABITATS’ EXECUTIVE TEAM
Gary Malin, President
Gordon Golub, Sr. Managing Director
Greg Young, Director of Sales
Citi Habitats is owned and operated by NRT LLC.
In this Issue
On the Cover .............................................................1
Sutton Place ..............................................................4
SoHo .............................................................................5
Upper West Side.......................................................6
West Village ...............................................................7
Guid To Renting .......................................................8
Rental Market Analysis: 4th Quarter ..............10
Quick Clicks / Citi Habitats Services & Programs .............................................................17
page 1
page 4
page 5
page 6
page 8
Owned & Operated by NRT, LLC
experience speaks louder than words
Clifford Finn | Managing Director of New Development Marketing | 212 685 7777 | chmarketinggroup.com
Christopher Miolla
& Jill Kosow
Sandi Rotkoff
Matthew Van. Damm
Graphic Design
Senior Project Manager
Project Manager
Project Manager
New Development Planning & Marketing
Office LocationsCorporate Headquarters250 Park Avenue S, 11th floor 212.685.7777
Upper East Side400 East 84th Street 212.794.1133
Upper East Side1456 First Avenue 212.774.3800
Upper West Side465 Columbus Avenue 212.957.4100
Upper West Side222 West 72nd Street 212.712.2722
Chelsea155 Seventh Avenue 212.937.9677
Gramercy/Flatiron32 East 22nd Street 212.260.9720
Gramercy/Flatiron27 East 22nd Street 212.685.7300
Sales/Relocation Headquarters250 Park Avenue S, 12th floor 212.685.7777
Union Square250 Park Avenue S, 5th floor 212.683.8300
West Village 114 Perry Street 212.400.2500
East Village37 Third Avenue 212.937.8500
Greenwich Village 214 Sullivan Street 212.253.2525
• Over 900,000 visits per month • Top 1% ranking among NYC-based real estate firms
• Feeds to Google and New York Times
• Top “real estate” ranking with the #1 search engine
• Extensive resourses for buyers, sellers, and renters
We find more New Yorkers homes than any other firmC i T i - H a b i T a T s . C O m
EliteRentals 1
Lux LivingOn the Cover
Gramercy Park $9,999/mo Web ID # 666574
3 bedrooms 3 bathrooms duplex
340 EAST 23RD STREET
One-of-a-kind duplex designed by Philip Starck
Gorgeous views of the city from your private terrace
Kit w/ breakfast bar, exotic marble counter-tops & Viking appliances
Remote control window treatments & custom walnut closets
Library lounge w/ fireplace, screening room & game room w/ bar & pool table
Landscaped outdoor deck w/ cabanas & fireplace
2,600 sq ft fitness center w/ steam & sauna
Brian Morgan 646.872.9700 Luciane Serifovic 212.6857777
Alcove Studios from $1,9151 Bedrooms from $2,340 2 Bedrooms from $3,865
Immediate Occupancy
A high-rise rental offering the very best in amenities and conveniences. Plus, it’s LEED certified, making eco-living as easy as walking in your door. Distance-wise, it’s one subway stop from Manhattan, but attitude-wise, it’s worlds away.
For Details Please ContactItzy Garay212.400.2500 | [email protected]
Jay Heydt212.683.8300 | [email protected]
Eric Hamm212.957.4100 | [email protected]
RETHINK THE RENTAL
STUDIO RESIDENCES FROM $2,250, 1BR’S FROM $2,945, AND 2 BR’S FROM $4,335.
NOW LEASING FOR IMMEDIATE AND FALL OCCUPANCY.
Layouts are diverse, luxe and spacious. Sophisticated studio, one and two-bedrooms feature innovative design, natural materials and high ceilings.
Views are spectacular. Curtain window walls and multiple corner exposures capture panoramas of the city and Hudson River.
Amenities focus on an ideal urban lifestyle. Enjoy the park, outdoor terrace, inner courtyard, and unrivaled 75-foot pool.
Rentals reconceived for the 21st Century by Larry Silverstein.
FOR DETAILS PLEASE CONTACT
Russell Miller [email protected]
Eric [email protected]
4 EliteRentals
Upper East Side $8,500/mo Web ID #347763
3 bedrooms 3 bathrooms
315 EAST 68TH STREET
1900 sq ft
Pre-war charm w/ high beamed ceil-ings & custom built-in storage
Two wood-burning fireplaces
Separate dining area
Walk-in closets
Natural light with views facing west & south
Full-service building
Roof deck
Tracie Hamersley 917.647.0056 Elizabeth Hamersley 917.560.7309
Murray Hill $6,700 /mo Web ID # 737196
2 bedrooms 2 bathrooms
52 PARk AVENUE
Roof deck
Available Furnished
Bright living room w/ working fireplace
Beautiful entry foyer
Marble bath w/ jacuzzi tub
Eat-in kitchen w/ top of the line appliances
Master bed w/ en-suite bath
Washer/dryer
Doorman, concierge
Amedeo Pelin 917.262.7479 Luciane Serifovic 212.685.7777
Sutton Place $16,500/mo Web ID # 405354
5 bedrooms 4+ bathrooms High Rise
360 EAST 57TH STREET
2500 sq ft (aprx)
Floor-to-ceiling windows
Oversized unit
3 wraparound terraces
Views facing north & east, over 59th Street bridge
Chef’s kitchen w/ large counter space
Washer/dryer
Full-time doorman
Robin Schneiderman 917.847.3700 Luciane Serifovic 212.685.7777
EliteRentals 5
Upper West Side $9,500/mo Web ID # 174661
3 bedrooms 2.5 bathrooms Triplex
Private roof deck
Natural light throughout w/ 360° views
High ceilings, walnut floors, exposed beams & recessed lighting
Home office w/ views of Manhattan
Chef’s kitchen w/ breakfast bar, granite & S/S appl.
Master suite w/ 15’ of closet space, en-suite bath & full-size Jacuzzi
Keyed elevator
Pet friendly
Steps away from Central Park
Thomas McNichols 917.435.0420 Russell Miller 212.712.2722
SoHo $7,400/mo Web ID # 382737
loft 2 bathrooms
489 BROOME STREET
2300 sq ft
Top floor, corner unit loft with fantastic natural light
Soaring 12’-18’ ceilings
Expansive, spacious living space
Private bedrooms
Eat-in kitchen w/ new appliances
Central A/C & heat
Washer/dryer
David Feldman 917.449.4260 Eric McCarthy 212.685.7300
Chelsea $8,300/mo Web ID # 704333
2 bedrooms 2 bathrooms duplex
153 WEST 18TH STREET
1100 sq ft private roof deck w/ Pergola and outdoor shower
Four wood-burning fireplaces
Eat-in kitchen w/ modern appliances
Spacious layout w/ double living rooms
Washer/dryer
Pets Allowed
David Feldman 917.449.4260 Eric McCarthy 212.685.7300
6 EliteRentals
Upper West Side $16,000/mo Web ID #459148
5 bedrooms 4 + bathrooms
101 WEST END AVENUE
Unique wraparound terrace w/ city and Hudson River views
Over 3135 sq ft w/ natural light
2 separate entrances
Double-sized living room w/ gas fireplace & separate dining area
Master chef’s kitchen
Custom lighting fixtures & separate laundry room
Private health club, landscaped roof deck,
in-house valet & maid service
Nathaniel Faust 917.774.1473 Alexis Fleming 917.225.8414
West Village $11,500/mo Web ID # 839707
2 bedrooms 2 .5 bathrooms triplex
176 CHRISTOPHER STREET
Two private terraces w/ Hudson River views
State of the art open kitchen w/dining alcove
Central A/C, hardwood floors, and exposed brick
Two Wood-burning fireplaces
En- suite marble baths w/ radiant heated floors
Home office
Pet Friendly
Mariola Hodun 917.312.7415
Upper West Side $16,000/mo Web ID # 285134
4 bedroom-duplex 4 bathrooms Building
257 W 93RD ST
2550 sq ft triplex w/ patio
Modern furnishings
Angola granite countertops
Kitchen w/ mosaic tile backsplash
Heated marble floors in bath
Japanese jetted soaking tub
16’ ceilings in living room
Large gas fireplace
Juliet balcony w/ sliding doors
Sonia Rehani 917.686.9656 Concetta Testa 212.937.9677
EliteRentals 7
West Village $10,000/mo Web ID # 303265
Convertible 3 bedroom 2 bathrooms
76 BEDFORD STREET
Three fully renovated floors & finished base-ment
Open kitchen w/ island
Exposed beams and four decorative fireplaces
Two balconies overlooking private garden
Washer/dryer
Heart of the West Village
Pets Allowed
Ehud “Udi” Eliasi 646.382.7378
Upper West Side $11,950/mo Web ID # 112631
4 bedrooms 3 bathrooms
172 WEST 79TH STREET
Classic 7
Plenty of natural light
Views of the city
Kitchen w/ ample counter space and wood cabinetry
Huge bedrooms
Great closet space
Washer/dryer
Doorman & elevator
Pets allowed
Andreas R. Metzger 917.945.9697 Sonya Smith 917.945.9697
West Village $12,000/mo Web ID # 208934
2 bedrooms 2.5 bathrooms
122 GREENWICH AVENUE
Floor to ceiling reflective glass windows
Marble spa baths
Custom open Molteni kitchen w/ top of the line appliances
Massive closet space
Shared landscaped courtyard roof deck
24-hour concierge, valet service and fitness center
LEED-registered Green building
Mitchell Cashwell 646.379.5830 Dan Marrello 212.794.1133
8 EliteRentals
I t has never been easy to rent an apartment in Manhattan—and now with exceptionally low vacancy rates and the lack of new rental inventory
in Manhattan.
For those hoping to find a rental in the coming months, the market tightens even further during the peak season of May through September. Preparation is key—those who are famil-iar with Manhattan’s unique rental process and are prepared will have the best chance of securing an apartment.
Following is a step-by-step guide to renting in New York City:
First, gather your documents. Many a disappointed renter has missed an opportunity to live in their dream apartment because they took too much time searching for the paper-work. While there may be some exceptions, if you gather all the following, you will have the documentation needed to apply for virtually any apartment:
• letter from your employer stating position, salary, and length of employment (or anticipated start date)
• last two pay stubs (if already working)
• last two years’ tax returns
• last two months’ bank statements
• name, address, and phone number of previous landlords
• two personal reference letters
• two business reference letters
• verification of other assets such as real estate, securities, etc.
• photo identification.
Find a qualified real estate agent. There is no substitute for a good broker. With their knowledge of the market and inventory, they can guide tenants through the search and application process quickly and efficiently. An agent can conduct a comprehensive assessment to establish your needs, determine a budget, and set up a time frame for your search. (For an example of what a broker would know that the average renter may not, apartments in doorman buildings are available to view by prospective tenants and
their agents thirty days prior to the expiration of the cur-rent tenant’s lease.) The time fame for viewing potential non-doorman apartments tends to be less, anywhere from two weeks to a few days prior to future occupancy. If you attempt to begin your housing search too early, you may find that your viewable housing options are extremely limited.
What you should let your agent know. Before you begin your search, discuss your financial and pet situation. Un-derstanding what your requirements are and what is pos-sible up front will save you both time and energy.
If you have yet to open a New York City bank account or do not have a social security number, let your agent know.
The apartment search. Appointments can take anywhere from fifteen minutes to several hours. Plan on spending two hours on each appointment. It might take one appoint-ment to find your apartment, or it may take quite a few.
Guide to Renting
EliteRentals 9
Top Three Reasons to Rent Luxury...Because you are renovating your primary residence and need a fabulous apartment until the repairs and construction are complete.
Because you are currently in the market for a new home or considering a new neighborhood and perhaps are undecided as to a decision of whether to rent or buy.
Because you deserve the best!
Applying for the apartment. Once you find an apartment
that suits you, you must fill out an application, submit doc-
umentation, and pay application fees. Your agent will over-
see any negotiation of terms with the landlord.
Financial requirements. Most landlords require that
your guaranteed income be between 40 and 50 times the
monthly rent. For example, if the monthly rent were $3,000
a month, you would need to show a guaranteed income of
at least $120,000 per year. ($3,000 x 40 = $120,000)
• An estimated bonus may be considered if a documented
history of bonuses can be provided.
• If your guaranteed yearly income falls below the land-
lord’s requirement, there are other factors that may be
taken into consideration, such as income form other
sources, housing allowances, or the use of a guarantor.
• Landlords may accept roommates’ combined incomes
to determine financial qualification for an apartment.
In other words, if the rent for an apartment is $2,500,
the landlord would want to see a total income of about
$100,000. If both roommates make at least $50,000 annu-
ally, they could combine their incomes in order to qualify
for the apartment. If the landlord does not allow for com-
bined incomes, or if the combines total is not enough,
they will require a guarantor or lease cosigner, a person
who accepts financial liability in the event you or your
roommates fail to pay the rent.
Criteria for guarantors. Landlords require that guarantors
must make between 80 to 100 times the monthly rent in an-
nual income. This means that for a $2,000 apartment a guar-
antor must show a guaranteed income of at least $160,000.
($2,000 x 80 = $160,000)
• Most landlords prefer that you use a guarantor from the
tristate area, i.e., New York, New Jersey, or Connecticut.
Some landlords are more flexible and will accept guar-
antors from anywhere in the U.S. If you intend to use a
guarantor from outside the tristate area, notify your agent
before you start your search.
• The guarantor will be required to produce the exact
same paperwork as the potential tenants.
Pets may limit your choices. The majority of landlords in
Manhattan do not allow dogs. Some allow cats but not
dogs; some allow one dog only. Certain landlords have a
weight requirement for dogs, usually 20 pounds or less.
It may also depend on the breed and temperament of
the dog. If you plan on keeping a pet, notify your agent
prior to your apartment search so they can screen out the
buildings that do not accept pets. Moving an animal into
a building if the policy prohibits pets will jeopardize your
tenancy rights.
Application fees. Typical application fees can range from
$0 to $100 and are nonrefundable.
Sign leases, present checks, set a move-in date: Rent,
security, and any brokerage fees are due at lease signing in
the form of certified funds. When you have received official
approval you will need to arrange for a move-in date with
your landlord or the building superintendent, which may
involve reserving a service elevator. Move-ins are gener-
ally limited to Monday through Friday, 9 AM to 5 PM.
Renting an apartment in New York is an adventure, and as
with any adventure, if you are prepared, you’ll be able to
handle and even appreciated the unexpected.
RESIDENTIAL RENTAL MARKET REPORTFourth Quarter 2009 / Year-End Review
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Citi Habitats Residential Rental Market Report4th Quarter / Year-End Review 2009 Our results for December 2009 continued the pattern seen during the prior eight months of 2009 of minor price adjustments providing us with further evidence that the Manhattan rental market had found its footing in terms of pricing. Additionally, vacancy rates which historically increase during this period actually decreased slightly over November’s rate, indicating positive absorption in the market.
Results for the 4th Quarter 2009 vs. 3rd Quarter 2009 also were atypical of past market trends. Because the 3rd Quarter figures include peak season rental tallies, adjustments in rental prices and vacancy rates in the 4th Quarter are usually notable. However, during this 4th Quarter we saw only nominal decreases in both rental pricing and a marginal increase in the vacancy rate.
As we expected, the 2009 rental market underwent price corrections. Prices on average are approximately 7% lower than in 2008 and this adjustment does not include landlord incentives such as free rent which, when factored in, would make price reductions greater. Vacancy rates are marginally higher in 2009 (but continue to remain below 2%) from 2008 totals. However, over 3,700 new rental units came to market during 2009 (south of 96th Street) and we saw incredible absorption with respect to this new product. During this period, CHMG, Citi Habitats’ development marketing group, rented Silver Towers at a very brisk pace, renting over 40% of market-rate units during its launch phase as well as the lease-up or completion of Dwell95, The Westbourne, Greystone, and The Hub.
In 2009 Citi Habitats reached the incredible milestone of renting over 12,900 apartments in one year, an increase of 23% as compared with the 2008 total of more than 10,500 rental transactions. Many factors came into play during the year that contributed to achieving this incredible feat. 2009 was a great year to be a renter; because of the combination of lower prices and landlord incentives, amazing rental opportunities existed in the marketplace. Some, previously priced out of the Manhattan market and living in an outer borough were now able to afford an apartment in Manhattan. Many upgraded and moved to a larger space or a neighborhood closer to their job for less or equal rent. In any event, these indicators are a clear testament to the health and vitality of the rental market and the long-term prospects of our great City.
Please note the following with respect to this report:
1. The statistics in this report were compiled using solely Citi Habitats closed transactions during the stated period(s).2. Average rents cited in this report are, for the majority, 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. Factoring in rent concessions, average rents may be between 5% to 7% lower. However, not every rental transaction contains a landlord concession.
We hope you will find this study informative and we welcome any questions you may have regarding it. Sincerely,
Gary Malin, President We find more New Yorkers homes than any other brokerage firm.
0
1000
2000
3000
4000
5000
1800+
2600+
4Q 2008 4Q 2009
total 2009 Rental tRansactions
Overall transactional volume for Citi Habitats for the 4Q 2009 was more than 2,600 transactions, representing an increase of more than 30% in the total number of transactions from the 4Q 2008 total of more than 1,800 transactions.
total 4Q Rental tRansactions
Overall transactional volume for Citi Habitats for 2009 was more than 12,900 transactions, representing an increase of 23% in the total number of transactions from the 2008 total of more than 10,500 transactions.
0
5,000
7,500
10,000
12,500
15,000
10,500+
2008 2009
12,900+
RENTAL MARKET ANALYSIS: 4th Quarter 2009
AVERAGE RENTS: Q4/09 Market-wide for Manhattan, the average 4Q 2009 rental price for a studio was $1,733, representing a decrease of 1.5% from 3Q 2009; a one bedroom, $2,343 representing a decrease of 3.3% from 3Q 2009; a two bedroom, $3,294 representing a decrease of 2.6% from 3Q 2009; and three bedroom, $4,591 representing a decrease of 3.3% from 3Q 2009.
VACANCY RATES: Q4/09 The overall vacancy rate for Manhattan for 4Q 2009 was 1.79% representing a 0.08% increase in the vacancy rate from the 3Q 2009 rate of 1.71%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at 1.05%, while the Upper East Side, at 2.24%, ranked highest.
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aVeRaGe Rent sUMMaRY: Q4/09
location stUDio 1BR 2BR 3BR
Chelsea 2048 2908 4381 5239
East Village 1804 2281 3224 4100
Gramercy/Flatiron 2035 2852 3912 5047
Harlem 1112 1438 1680 2215
Lower East Side 1698 2033 2782 3490
Midtown East 1818 2370 3520 5026
Midtown West 1926 2494 3428 4422
Morningside Heights 1321 1851 2262 3012
Murray Hill 1731 2398 3157 4213
VacancY sUMMaRY: Q4/09
location stUDio 1BR 2BR 3BR
neiGHBoRHooD VacancY Rate
BPC / Financial Dist 2.05%
Chelsea 1.33%
East Village 1.72%
Gramercy 2.09%
Midtown East 2.18%
Midtown West 1.53%
Murray Hill 2.05%
SoHo/TriBeCa 1.05%
neiGHBoRHooD VacancY Rate
oVeRall BlenDeD aVeRaGes: Q4/09
New Development w/ DM* 2434 3573 5972 8396
Doorman 2144 3054 4402 5659
Elevator*** 1758 2452 3723 5412
Walkup** 1602 2041 2686 3910
BlDG classiFication stUDio 1BR 2BR 3BR
0
1
2
2.5
1.5
.5
1.881.962.36
ManHattan Rental VacancY Rates: Q4/09
Q4/08 Q1/09 Q2/09 Q3/09 Q4/09
* New Developments include all rental and condo buildings built after 2003. **Walkup averages include brownstone and townhouse rentals. ***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.
SoHo/TriBeCa 2130 3145 5042 6898
Upper East Side 2.24%
Upper West Side 2.06%
West Village 1.34%
overall Vacancy: Q4/09 1.79%
overall Vacancy: Q3/09 1.71%
Difference 0.08%
Wall Street/BPC 2054 2728 3781 4943
Upper East Side 1569 2087 3043 5131
Upper West Side 1688 2351 3484 5401
Washington Heights 1073 1360 1800 2049
West Village 1993 2845 3916 5383
average: Q4/09 1733 2343 3294 4438
average: Q3/09 1760 2423 3381 4591
% change -1.5% -3.3% -2.6% -3.3%
average: Q4/08 1841 2527 3551 4712
% change: Q4-08/09 -5.9% -7.3% -7.2% -5.8%
overall Vacancy: Q4/08 1.96%
Difference: Q4 - 08/09 (0.17%)
1.71
1.76
RENTAL MARKET ANALYSIS: 2009 vs 2008
AVERAGE RENTS: 2009 Market-wide for Manhattan, the average 2009 rental price for a studio was $1,757, representing a decrease of 6.7% from 2008; a one bedroom, $2,406 representing a decrease of 7.7% from 2008; a two bedroom, $3,411 represent-ing a decrease of 7.8% from 2008; and three bedroom, $4,560 representing a decrease of 6.9% from 2008.
VACANCY RATES: 2009 The overall vacancy rate for Manhattan for 2009 was 1.93% representing a 0.51% increase in the vacancy rate from the 2008 rate of 1.42%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at 1.35%, while the Upper East Side, at 2.38%, ranked highest.
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aVeRaGe Rent sUMMaRY: 2009 vs 2008
location stUDio 1BR 2BR 3BR
Chelsea 2058 2959 4369 5463
East Village 1824 2372 3286 4281
Gramercy/Flatiron 1994 2965 4124 5132
Harlem 1170 1504 1855 2192
Lower East Side 1719 2162 2951 3750
Midtown East 1805 2399 3819 5210
Midtown West 1866 2457 3574 4664
Morningside Heights 1372 1952 2455 2999
Murray Hill 1835 2408 3255 4364
VacancY sUMMaRY: 2009 vs 2008
location stUDio 1BR 2BR 3BR
BPC / Financial Dist 2.02%
Chelsea 1.58%
East Village 2.10%
Gramercy 1.99%
Midtown East 2.36%
Midtown West 1.76%
Murray Hill 2.09%
SoHo/TriBeCa 1.35%
neiGHBoRHooD VacancY Rate
0.00
1.50
2.50
2.372.242.46
ManHattan Rental VacancY Rates: 2009
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SoHo/TriBeCa 2181 3230 5086 7097
neiGHBoRHooD VacancY Rate
Upper East Side 2.38%
Upper West Side 1.98%
West Village 1.64%
overall Vacancy: 2009 1.93%
overall Vacancy: 2008 1.42%
Difference: 2009/2008 0.51%
Wall Street/BPC 2069 2819 4001 5081
Upper East Side 1608 2167 3070 5164
Upper West Side 1760 2366 3497 5475
Washington Heights 1064 1393 1820 2092
West Village 2037 2945 4009 5431
average: 2009 1757 2406 3411 4560
average: 2008 1883 2608 3700 4898
% change -6.7% -7.7% -7.8% -6.9%
overall % change -7.3%
2.28
1.72 1.621.65 1.671.83 1.86 1.87 1.84
RENTAL MARKET ANALYSIS: December 2009
AVERAGE RENTS: 12/09 Market-wide for Manhattan, the average December 2009 rental price for a studio was $1,740, representing an increase of 1% from November 2009; a one bedroom, $2,299 representing a decrease of 2% from November 2009; a two bedroom, $3,278 representing a decrease of 1% from November 2009; and three bedroom, $4,375 representing a decrease of 2% from November 2009.
VACANCY RATES: 12/09 The overall vacancy rate for Manhattan for December 2009 was 1.84% representing a 0.03% decrease in the va-cancy rate from the November 2009 rate of 1.87%.
A comparison of vacancy rates, by neighborhood, reveals that the Chelsea area had the least amount of available apartments at 1.20%, while Mid-Town East, at 2.24%, ranked highest.
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* New Developments include all rental and condo buildings built after 2003. **Walkup averages include brownstone and townhouse rentals. ***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.
ManHattan Rental VacancY Rates: 12/09
aVeRaGe Rent sUMMaRY: 12/09
location stUDio 1BR 2BR 3BR
Chelsea 2100 2909 4384 5150
East Village 1841 2159 3289 4050
Gramercy/Flatiron 2075 2804 3883 5087
Harlem 1120 1455 1648 2132
Lower East Side 1731 2031 2725 3500
Midtown East 1826 2413 3491 5028
Midtown West 1904 2544 3351 4338
Morningside Heights 1340 1767 2199 2898
Wall Street/BPC 2053 2637 3778 4877
Murray Hill 1701 2234 3130 3710
SoHo/TriBeCa 2190 3048 5130 6900
Upper East Side 1504 2056 3026 5150
Upper West Side 1605 2276 3466 5400
Washington Heights 1050 1330 1813 1973
West Village 2065 2827 3857 5425
average 1740 2299 3278 4375
location stUDio 1BR 2BR 3BR
VacancY sUMMaRY: 12/09
neiGHBoRHooD VacancY Rate
BPC / Financial Dist 1.86%
Chelsea 1.20%
East Village 1.90%
Gramercy 1.86%
Midtown East 2.24%
Midtown West 1.53%
Murray Hill 2.03%
SoHo / TriBeCa 1.23%
Upper East Side 2.16%
Upper West Side 2.17%
West Village 1.41%
overall Vacancy 1.84%
neiGHBoRHooD VacancY Rate
oVeRall BlenDeD aVeRaGes: 12/09
New Development w/ DM* 2430 3681 5977 8784
Doorman 2096 2978 4322 5695
Elevator*** 1708 2419 3690 5279
Walkup** 1539 1988 2601 3751
BlDG classiFication stUDio 1BR 2BR 3BR
Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 09
0%
1.25%
2.50%
2.24 2.24 2.46 2.372.28
1.72 1.65 1.671.86
1.621.83 1.87 1.84
RENTAL MARKET ANALYSIS: November 2009
AVERAGE RENTS: 11/09 Market-wide for Manhattan, the average November 2009 rental price for a studio was $1,728, representing no change from October 2009; a one bedroom, $2,345 representing a decrease of 2% from October 2009; a two bedroom, $3,298 representing no change from October 2009; and three bedroom, $4,445 representing a decrease of 1% from October 2009.
VACANCY RATES: 11/09 The overall vacancy rate for Manhattan for November 2009 was 1.87% representing no change in the vacancy rate from the October 2009 rate of 1.86%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .98%, while the BPC/Financial District, at 2.22%, ranked highest.
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* New Developments include all rental and condo buildings built after 2003. ** Walkup averages include brownstone and townhouse rentals. *** Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.
ManHattan Rental VacancY Rates: 11/09
aVeRaGe Rent sUMMaRY: 11/09
location stUDio 1BR 2BR 3BR
Chelsea 2006 2898 4434 5215
East Village 1754 2292 3308 4099
Gramercy/Flatiron 2013 2842 3925 5017
Harlem 1125 1402 1653 2156
Lower East Side 1750 2009 2799 3466
Midtown East 1816 2376 3555 5028
Midtown West 1920 2486 3402 4428
Morningside Heights 1300 1838 2267 3095
Wall Street/BPC 2089 2784 3745 4925
Murray Hill 1750 2385 3164 4410
SoHo/TriBeCa 2134 3199 4999 6889
Upper East Side 1577 2081 2998 5175
Upper West Side 1674 2378 3502 5360
Washington Heights 1083 1341 1800 2089
West Village 1936 2863 3913 5325
average 1728 2345 3298 4445
location stUDio 1BR 2BR 3BR
VacancY sUMMaRY: 11/09
neiGHBoRHooD VacancY Rate
BPC / Financial Dist 2.22%
Chelsea 1.50%
East Village 1.59%
Gramercy 2.20%
Midtown East 2.18%
Midtown West 1.44%
Murray Hill 2.00%
SoHo / TriBeCa .98%
Upper East Side 2.15%
Upper West Side 2.07%
West Village 1.38%
overall Vacancy 1.87%
neiGHBoRHooD VacancY Rate
oVeRall BlenDeD aVeRaGes: 11/09
New Development w/ DM* 2406 3550 5942 8330
Doorman 2137 3042 4391 5575
Elevator** 1766 2472 3713 5386
Walkup*** 1592 1985 2621 3953
BlDG classiFication stUDio 1BR 2BR 3BR
Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct nov 09
0%
1.25%
2.50%
2.042.24 2.24 2.46 2.37
2.28
1.72 1.65 1.671.86
1.621.83 1.87
RENTAL MARKET ANALYSIS: October 2009
PEAK SEASoN AVERAGE RENTS: 10/09 Market-wide for Manhattan, the average October 2009 rental price for a studio was $1,731, representing a decrease of 1% from September 2009; a one bedroom, $2,384 representing a decrease of 1% from September 2009; a two bedroom, $3,307 representing a decrease of 1% from September 2009; and three bedroom, $4,494 representing a decrease of 1% from September 2009.
PEAK SEASoN VACANCY RATES: 10/09 The overall vacancy rate for Manhattan for October 2009 was 1.86% representing a slight increase in the vacancy rate from the September 2009 rate of 1.83%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .95%, while the Upper East Side, at 2.41%, ranked highest.
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* New Developments include all rental and condo buildings built after 2003. ** Walkup averages include brownstone and townhouse rentals. *** Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.
ManHattan Rental VacancY Rates: 10/09
aVeRaGe Rent sUMMaRY: 10/09
location stUDio 1BR 2BR 3BR
Chelsea 2039 2916 4325 5353
East Village 1817 2393 3075 4150
Gramercy/Flatiron 2016 2911 3928 5038
Harlem 1090 1458 1739 2358
Lower East Side 1613 2058 2821 3505
Midtown East 1811 2322 3515 5023
Midtown West 1954 2453 3530 4500
Morningside Heights 1322 1948 2319 3042
Wall Street/BPC 2019 2762 3820 5026
Murray Hill 1742 2576 3176 4519
SoHo/TriBeCa 2067 3187 4998 6905
Upper East Side 1625 2123 3104 5068
Upper West Side 1786 2398 3485 5444
Washington Heights 1086 1410 1786 2086
West Village 1977 2846 3977 5400
average 1731 2384 3307 4494
location stUDio 1BR 2BR 3BR
VacancY sUMMaRY: 10/09
neiGHBoRHooD VacancY Rate
BPC / Financial Dist 2.06%
Chelsea 1.30%
East Village 1.66%
Gramercy 2.20%
Midtown East 2.12%
Midtown West 1.61%
Murray Hill 2.12%
SoHo / TriBeCa .95%
Upper East Side 2.41%
Upper West Side 1.93%
West Village 1.22%
overall Vacancy 1.86%
neiGHBoRHooD VacancY Rate
oVeRall BlenDeD aVeRaGes: 10/09
New Development w/ DM* 2465 3489 5998 8075
Doorman 2199 3141 4493 5708
Elevator** 1801 2465 3765 5571
Walkup*** 1675 2149 2836 4027
BlDG classiFication stUDio 1BR 2BR 3BR
Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep oct 09
0%
1.25%
2.50%
1.71
2.042.24 2.24 2.46 2.37
2.28
1.72 1.65 1.67
1.86
1.621.83
17 EliteRentals
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Residential Rental
Market Report
Peak Season 2009
May - August
Residential Rental Market Report 4th Quarter Report
2009
Quick Clicks
The Black & White Report 11
A comprehensive analysis of the Manhattan real estate market
for 2008.
RESIDENTIAL RENTAL MARKET REPORTFourth Quarter 2009 / Year-End Review
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