New York Rental Prices Rising Again
Considering a move to NYC this summer or fall? With such low vacancies and high prices, you’ll need to take your rental search seriously to find an affordable apartment or home in this year’s rental market.
You’ll find the rents in New York City among the highest in the nation, typical of rent price growth in Los Angeles, San Francisco, Miami, and Texas. New York’s apartment rental prices are up again after 5 months of sliding — a period reflected higher vacancy rates where landlords were offering more concessions.
As we move into the summer period however, it looks like the NY rental market is picking up steam for investors, landlords and property managers. Inventory is scarcer and days on market brief. With that in mind please review our strategies for maximizing your portfolio performance and how to set your rental price.
Prices Rise and Vacancies Drop in NYC
According to several rental market reports, prices are rising slightly driven by demand for 3 bedroom rentals.
NYC’s vacancy rate also dropped for the 6th straight month to an astonishing 1.27%. And apartment vacancy is down 1.58% YoY. And a report from Citi Habitat reported a drop in the Manhattan vacancy rate to 1.44%, down from from March’s rate of 1.63%.
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A new report published by real estate broker Douglas Elliman reported the median Manhattan rent price climbed to $3,495 last month, up .6% from May 2017.
This chart from Douglas Elliman’s spring market report on Manhattan in NYC shows prices, listings, and vacancy rates have dropped from last year. The number of new leases rose very quickly from April. It appears May is a departure from what’s been happening.
The Elliman report suggests demand for 3 bedroom apartments and fewer landlord concessions appears to resulted in the rising average rent overall in New York City.
Another research firm, Citi Habitats, found that 19% of leases through its brokers came with concessions in May, down from 26% in April and 46% in February — from Forbes report citing data from Citi Habitats.
According to Citi Habitats data, prices during the first quarter were:
The average monthly rental price for a
- Manhattan studio was $2,355
- 3 bedroom apartment was $5,355
RentCafe/Yardi Research reported an average rent for an apartment in Manhattan at $4,068 which overall is the same as last year. From the Yardi report:
- studio apartments in Manhattan rent for $2,929/month
- 1-bedroom apartments rent on average $3,756/month
- the average rent for a 2-bedroom apartment is $5,501/month
- average for a 3 bedroom rental is $7,865/month
You can view the full report here: https://www.rentcafe.com/average-rent-market-trends/us/ny/manhattan/
While we’ve seen a lull in apartment rental prices nationally and in New York, the summer market appears to be tightening and fewer landlords are offering up concessions to attract renters. With a strong economy, flat new construction, and low vacancy rate, it will tougher for renters looking for affordable units.
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