Streams

Number of Apartments for Rent in NYC Rises

Wednesday, September 15, 2010

Furnished Apartment for Rent (Turkey Chik/flickr)

The number of apartments for rent in Manhattan rose in August for the first time in eight months. Real estate broker CitiHabitats said the vacancy rate increased to just over 1 percent. But even as renters had more choice, rents remained unchanged from July. The average monthly cost of a studio was just over $1,800 and just under $2,500 for a one-bedroom apartment in Manhattan.

"It's still a landlord's market, and tenants need to be prepared to act because there's not a tremendous volume of apartments out there right now," said Gary Malin, president of CitiHabitats.

And finding a deal -- like a month's free rent or the landlord paying the broker's fees -- is rare. Only one in five apartments rented by CitiHabitats included deals for renters.

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Comments [4]

Gene K.

Interesting article about recent developments in the New York City commercial real estate industry. For comparison, I have found slightly different statistics for<a href="https://www.reisreports.com/Markets/New-York/New-York/Apartment/">apartments in ny</a> , some showing a vacancy rate rising 50 basis point to 3.6% from the previous quarter, according to the latest statistics from Reis. However, this is still far lower than the 4.7% vacancy rate for the Northeast region, so it is safe to say that New York remains a robust market.

The data referenced above can be obtained from the "New York, NY-Apartments" report at www.reisreports.com

Nov. 08 2010 12:36 PM
Austin Scoot Brooks from NY

The real estate market has always been a difficult process..sometimes finding <a href="http://glenwoodnyc.com/Streamline?p=viewPage.jsp&id=3">apartment rentals in New York City</a> can be a major hassle. I've seen it time and time again where a friend of mine signs a lease to a beautiful piece of <a href="http://glenwoodnyc.com/Streamline?p=viewPage.jsp&id=2">luxury Manhattan real estate</a> and ends up getting slammed with a hefty broker fee. Something needs to be done!

Sep. 21 2010 05:31 PM
Susan Rohwer from Brooklyn, NY

This information is alarming!

And considering how prices for everything is going up, it makes me stop and wonder if the price of NYC is worth it.

I'm a grad student at the CUNY Journalism school and wrote a blog post asking if the price that we pay is worth what we get in NYC.

Check it out...and let me know what you think:http://sandeep.journalism.cuny.edu/2010/09/16/expensive-living-in-nyc-what-exactly-are-we-paying-for/

Sep. 20 2010 04:28 PM
Laurence Rosenberg from New York, NY

I'm with http://www.RDNY.com. We specialize in No Fee apartments. I'm amazed at the assertion from CitiHabitats that vacancies went up in August. On the contrary, we saw our inventory go from nearly 5,000 available apartments in the beginning of June down to 4,000 apartments by the end of August. A drop of nearly 20%. That's consistent with prior history (but not last year, as vacancy numbers remained high). This year, there was almost a frenzy in the last two weeks of August, leading up to the September deadline that so many people have.

I can partly explain the discrepancy this way; RDNY.com is 100% no broker fee listings. CitiHabitats is fee (commission) based. As landlords reduced or eliminated incentives, such as paying the broker fee, people migrated away from CitiHabitats to RDNY.com and other companies, seeking to avoid broker fees. Many of the apartments listed at CitiHabitats are individually owned coops and condos, where the renter would not only typically pay the broker, they also have steep application fees, credit check fees, and lots of paperwork for coop boards etc. Why put up with that nonsense? So CitiHabitats lost customers for those kinds of properties, while plain old rentals continued to rent - with no broker fee - from us.

But as is also typical, now that the September frenzy is over, we are seeing our inventory rise again. We are back up from 4,100 on 9/1/10 to 4,450 today. Inventory will continue to get higher.

Thank you all for reading this.

Sep. 15 2010 05:30 PM

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