Womp womp: Rental vacancies and concessions stay high in Manhattan
Incentives in Queens jumped significantly
New York /
Clockwise: 23 Elliott Place, 900 Park Avenue, 15 West 53rd Street #31B and 33 Bond Street
Though slightly down from last month, the vacancy rate in Manhattan rental apartments in October remained high.
According to Douglas Elliman s latest market report, the vacancy rate hit 2.5 percent last month. In September, the rate reached 2.6 percent, the highest seen all year. Concessions rose last month, with 28 percent of new leases offering concessions, a roughly 4 percent increase year-over-year. Meanwhile, median rents stayed flat at $3,400 in October, around the same as September.
We are seeing just general malaise or weakness in the market, said Jonathan Miller, the CEO of appraisal firm Miller Samuel and author of the report. The market is soft. We re seeing a lot of concessions.
Median net-effective rent in the borough — meaning that concessions were taken into account — continued to fall for the 10th month in a row. October s median net effective rent was $3,300, down from September s $3,334, according to the report.
Gary Malin, president of Citi Habitats, noted that the vacancy rate is high in the borough, in part due to a seasonal decline in demand. But he also pointed to landlords who haven t changed their leasing strate[……]