Black & White Report Released
A: The Citi-Habitats Black & White Report is a comprehensive analysis of the Manhattan Residential Real Estate Market released semi-annually. This 8th report from the fast growing company covers JULY - DECEMBER of 2005.
Knowledge is power and the executives behind Citi-Habitats, Inc. know this philosophy very well; which is why they invest in understanding every aspect of Manhattan Real Estate and analyze every piece of available data that has to do with Manhattan Real Estate. The Black & White Report allows them to actually see the changes that are occurring in this great city as they are happening.
Here are some details directly from the report that you may find educational about the current state of New York City Real Estate:
~ Vacancy Rate in New York City dropped to 0.89%: NYC vacancy rate is down from June's rate of 1.01% and is currently at a 3 year low. Not only is the majority of newly constructed buildings condo rather than rental, but many rental buildings have been converted to condos to take advantage of sales trends. This means fewer and fewer rental apartments for an ever-expanding NYC population.
~ East Village & Murray Hill Sees Increased Renters: The two areas that did see an increased number of renters in the second half of 2005 were the East Village & Murray Hill.
~ Studio & One Bedroom Apt's Rents Rise City-Wide: The most pronounced of which occurred in the East Village studio category and Murray Hill one bedroom category.
~ Median Price of Condos Increase City-Wide: This was the case for studio and one bedroom co-ops as well. East side studios and one bedrooms saw healthy gains too at 16% and 9.6% respectively. For condos, the other standout gains were seen by downtown one bedrooms which rose 24% from a median price of $588K in the previous reporting period to $720K in this reporting period.
The complete Black & White report is available for download on the Citi-Habitats.com website.
Comments (2)
So with vacancy down and rents us, does this finally kill the myth that Dec-Feb is the best time to rent an apartment? Looks to me that the market is worse than ever...
Posted by AngryAtManhattanApts | April 16, 2006 2:47 AM
basically yes...although the May-June-July times are usually very slow for rentals and thus a good time to look for one; September 1st is most popular move in date in NYC...
Expect rents to rise as long as vacancy rates are below 1.0%; oh and you can forget about those landlord/management incentives that allow brokers to pffer NO FEE....unless you go directly to the source, expect to pay at least 1 months rent as a fee...tough times for renters!
Perhaps a rent induced housing surge?
http://www.urbandigs.com/2006/03/a_rent_hike_ind.html
Posted by Noah | April 16, 2006 1:33 PM