The rental market from 2006 to now has been pretty thoroughly dissected in the various monthly and quarterly reports, but we'll never say no to another one that brings five years of data together into a few handy multi-colored charts. So thanks, Citi Habitats! The brokerage's latest report, out today, confirms what we already knew about the roller coaster rental market of the past few years: 2006 and 2007 were great years for landlords, with rents heading steadily upward and vacancy firmly under 1 percent. The subsequent years?not so great. Rents fell by 8 percent in 2008, and the vacancy rate rose a whopping 32 percent. Concessions hit their peak in December '09, when 60 percent of apartments rented included them. (The report is based on Citi Habitats rental deals in Manhattan below 96th Street.)
The report has only good things to say, at least from landlords' and brokers' points of view, about the market in 2011, with the vacancy rate down to 0.86 percent in July, the average Manhattan apartment renting for $3,358/month, and only 7 percent of rental deals offering concessions. But with potential economic turbulence ahead, we're going to leave the seat belt light on.
· Market Reports [Citi Habitats]
· Rental Market Reports coverage [Curbed]