Peak Rental Season 2009 Residential Market Report

Posted in Market Conditions, Uncategorized on October 20, 2009 at 7:57 am

Peak Rental Season 2009 Residential Market Report
Credit to: Christopher Dente
Posted by Christopher Dente |    September 24, 2009
We are pleased to present our first Peak Rental Season 2009 Residential Market Report, a comprehensive analysis of the May–August
Manhattan rental market.

Peak Season Average Rents 2009/2008

Market-wide for Manhattan, the average 2009 peak season rental price for a studio was $1,763, representing a decrease of 11% from peak season 2008; a one bedroom, $2,425 representing a decrease of 8% from peak season 2008; a two bedroom, $3,431 representing a decrease of 11% from peak season 2008; and three bedroom, $4,533 representing a decrease of 8% from peak season 2008.

Peak Season Vacancy Rates 2009/2008

The overall vacancy rate for Manhattan for peak season 2009 was 1.66% representing an increase of 0.47 in the vacancy rate from the peak
season 2008 rate of 1.19%.