NEW YORK CITY-Landlord concessions spiked and median monthly apartment rental prices fell in December as potential tenants continue to be attracted to the home purchase market in Manhattan.
The median monthly rent in Manhattan fell 1.6% from a year ago to $3,100 a month, according to a report released by appraisal firm Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Incentives, such as a month's free rent, were offered on 13% of new agreements, up from 4.3% in December 2012. The rate of incentives was the highest since March 2011, according to the Bloomberg News report. The median monthly rental rate in Manhattan fell for the fourth straight month.
“The rental market is cooling off a little bit,” Jonathan Miller, president of New York-based Miller Samuel, says. “It's not an indication that the market is weak, they're just off this frothy activity we've had for two years.”
The apartment vacancy rate was 2.79% in December 2013, up from 1.77% a year earlier. The vacancy rate was the second highest since Miller Samuel and Douglas Elliman began tracking the data in August 2006. See story at Bloomberg News.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
