Monday, April 27, 2020

New York City Residential Rental Market Report: March 2020


The Corcoran Group’s newly released Rental Market Analysis for March 2020 finds that compared to the month prior, rents in Manhattan and Brooklyn increased for some apartment categories, but declined for others, which suggests that the current public health crisis has not yet influenced overall pricing. 

While changes to Manhattan rents varied by apartment size year-over-year, rents increased across the board in Brooklyn, which reflects the borough’s increased desirability to tenants. 

From February to March, rents for Manhattan studio and two-bedroom apartments decreased 2%, while they declined 10% for one-bedroom homes.  In contrast, rents for three-bedroom units climbed a substantial 32%. A signed lease for a $25,000 per month rental at The Halcyon (305 East 51st Street) caused this noteworthy jump. 

In Brooklyn, rent changes were a mixed bag as well.  Pricing for smaller apartment sizes (studios and one-bedrooms) increased 5% and 2% respectively.  Meanwhile, rents for two- and three-bedroom homes were down 3% and 2%. 

When examining concessions, 34% of rental transactions brokered by The Corcoran Group offered a free month’s rent and/or payment of the broker fee to entice new tenants in March 2020 –higher than the 30% in February.  The percentage of concessions is also up from the same period last year.  In March 2019, 29% of leases included one. 

These move-in incentives continued to be much more prevalent in Brooklyn, where they were found on 49% of leases in March 2020 – versus 28% of Manhattan leases during the same period. 

In March, the Manhattan vacancy rate was 1.12% – nearly unchanged from February’s rate of 1.11%.  It is the lowest vacancy rate seen since August 2019 (when it was 1.17%).  We attribute the steady (but low) vacancy rate to the fact that due to the pandemic, many tenants are simply staying put. 

Additional relevant findings of the March 2020 Corcoran rental report are outlined below.   
In March 2020, the average monthly rental price for a Manhattan studio was $2,408. For one-bedroom homes, the average was $3,031.  For two-bedrooms, the average rent was $4,266.  Finally, the average three-bedroom apartment rented for $8,127.** (impacted by the $25K The Halcyon rental noted above) 
Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,721 per month on average.  For Brooklyn one-bedrooms, the average rent was $3,216 – while rents for two- and three-bedrooms clocked in at $3,986 and $5,367 respectively. 

The most expensive Manhattan neighborhood for renters in March was SoHo/TriBeCa with a median rent of $7,255.  The West Village was the second-priciest area – with a median rent of $4,195. 
For Brooklyn, DUMBO was the most expensive neighborhood with a median rent of $4,675 – followed by Brooklyn Heights, where the median rent was $4,005 per month. 

Manhattan rents were lowest in March 2020 in Morningside/Washington Heights, with a median rent of $2,260.  When examining neighborhoods below 96th Street, Murray Hill was the least-expensive neighborhood for renters, with a median rent of $2,600. 

Bedford-Stuyvesant, with a median March rent of $2,550, was the least-expensive Brooklyn neighborhood tracked in our report, followed by Bushwick– where the median rent was $2,575. 

With a vacancy rate of 0.85%, the Upper East Side was the Manhattan neighborhood with least inventory in March 2020, followed by Murray Hill at 0.89%.  On the other end of the spectrum, the vacancy rate was highest in Midtown West (at 1.29%) and the Upper West Side (at 1.28%). 

Click here to view market statistics from February 2020, and click here to view market statistics from prior months. 

Friday, November 8, 2019

Do you know the New Tenant Rental Laws in NY?

As you may or may not be aware, New York State made sweeping changes to its Rent Laws in June 2019. While many of the changes were aimed at rent stabilized and rent controlled apartments, there are a number of changes that affect market-rate apartments as well, and the way you will need to conduct your business moving forward as a Landlord.

Below is an info-graphic outlining some of the pertinent changes to market-rate apartments and also a link to an article from a property manager with a more detailed look into the changes.  



If you’d like to discuss how these changes will affect you, lets set up a call to discuss. If you have additional questions or need further clarification on the law, we suggest you reach out to a residential real estate attorney who can offer you further guidance on the best way to comply with the new laws. Our “go to” attorney over the years has been Jonathan Feinsilver. Please reach out to us. We are more than happy to make an introduction. 

Friday, March 23, 2018

Perfect Getaway for Spring Break

Looking for a spring break getaway that isn't over-run with college kids? We've got just the place: Tulum, Mexico. A quick 4 hour-flight from New York, this beach paradise has all the makings of a great spring break, minus the rowdy college crowd. This resort town has an abundance of fine-dining and upscale lodging, and we've outlined our must-see spots for you to check out. 

Our favorite places to stay: 

Villa Verde

This tropical retreat pays attention in every detail, giving you the ultimate sense of peace and tranquility. The beauty of the Mayan Riviera is at your finger tips. This home is close to beach and the town of Tulum. 


Colinbri Boutique Hotel

Framed by picturesque scenery composed of seagulls, fishing boats and the Caribbean Sea.This indulgent hideaway is a "Seaside Chic" boutique hotel has everything you need to feel pampered and serene. 



Some great spots to grab a bite at the beach: 
Le Pez
Want to sip cocktails on the beach without getting sand in your shorts? Le Pez is the perfect solution. The space has been carefully designed for an intimate setting, with vista of the sea. Local foods are prepared by chefs daily.  


Catch

Whether enjoying cocktails and sunsets on the rooftop, or taking in the 360 degree view of the Riviera Maya, Catch is a must-visit while in Tulum. 

Arca 

If you're looking for open-air dining with more than a beach view, you have to try Arca. This restaurant is located in the tropical jungle of Tulum. Sip cocktails and nibble on tasty bites, while surrounded by lush greenery. 


Cinco
Take in the beautiful views of Playa del Carmen, while grabbing a bite to eat, or having a drink at the swim-up pool bar. For ultimate pool day, Cindo is a must. 



Friday, April 28, 2017

Brooklyn 2016 Townhouse Report


Brooklyn Townhouse Report Take Aways:

  • Sales activity is a little cooler. 2015 turned out to be a banner year for Brooklyn townhouse sales, so we were unsurprised that buyers were a little less busy in 2016.  The number of townhouse sales in 2016 was down 5%.
  • Strong prices. The median price for a Brooklyn townhouse in 2016 was $1.75M, up 9%, and the average price per square foot was $774, up 5%. Multi-residence townhouses were especially strong, with a 10% rise in median price and 6% in ppsf.
  • Investment opportunities. Speculative investment, restoration, and property flipping are playing a role in the Brooklyn townhouse segment in some neighborhoods, particularly in Bedford-Stuyvesant.
I am delighted to share with you our 2016 Brooklyn Townhouse Report.  Inside you will find a detailed analysis of single-family and multi-residence (four units or less) townhouse sales that closed in Brooklyn last year.

Click Here for the full report.

Spring - The Perfect Excuse for a Clean Start!

A word from Meryl Starr, Professional Organizer, Motivational Coach/Speaker, plus Author of “The Personal Organizing Workbook”

The following is a list of 10 easy ways to prepare of the season.

1. Scrub-a-dub-dub. There is a reason why we say it’s time for “spring cleaning” Dust bunnies, cobwebs, grime and dirt all have to go.
  
2. Glasswork. Wash your windows. Nothing brings in light like washing away that winter film.

3. Plant a Garden…Then, enjoy flowers, fresh herbs, and home-grown tomatoes this summer.

4. Research summer camps for your children

5. Make sure your air conditioner is cleaned and ready to go.

6. Cleaning Agents. Spring is the perfect time to get your carpets, rugs and upholstery cleaned by professionals.

7. Curtain Call. Replace the shower-curtain liner in your bathroom. Mold and mildew can build up and exacerbate allergies and asthma.

8. Keep a picnic basket and a blanket handy, so you can make the most of a sunny afternoon at a moment’s notice.

9. Finish up those indoor projects you started and did not complete during the winter. Projects like painting your bedroom or organizing a box of photographs. Soon your attention will be outdoors and you will not revisit the indoor projects probably until winter.

10. Waste Not. Clean out your closets, drawers and cabinets. Mark two bins….”keep” and “get rid of”. Be bold, be heartless, be unforgiving, and don’t forget to get a receipt when you donate your stuff to local charities.

Hope this list helps you to get the Spring Season off to an Organized start.



If you need additional help or some motivation, please call Meryl Starr at (917)-902-9185



HAPPY SPRING!