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Financial District Rental Market Still Going Strong, Kind Of

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What's this...another market report? The gods are truly smiling upon us today. We just can't get enough charts and graphs in our diet, and the latest batch comes from The FiDi Report, a year-end look at the Lower Manhattan rental market prepped by brokerage Platinum Properties. As you can see, rents inched up a bit (studios saw the largest year-over-year increase at nearly 7%), but that doesn't quite tell the whole story. The report doesn't factor in landlord concessions, which were big in FiDi this year, so a $3,100/month one-bedroom isn't adjusted for the three months of free rent that may have been tossed in by the landlord. Still, there's some interesting data: Over 1,200 new units were added to the pool thanks to new rental conversions like 20 Exchange Place and 95 Wall Street, the vacancy rate remained fairly low at 2.28%, and studios & 1BRs dominated the market. The median age of renters would have been a fun stat, but alas, maybe next year.
· The FiDi Report [Platinum Properties; warning: PDF]