20 May Manhattan Rental Market Thrives with Record Highs
May 30, 2012
Citi Habitats released a monthly rental market report on May 9, 2012, that announced the residential rental market saw an increase in cost across all apartment categories, a drop in vacancies and withdraw in concessions for the month of April. Gary Malin, President of Citi Habitats explained, “If we are able to get these rents and the demand is what it is, it really does speak to the economy’s strength.”
Manhattan apartments retrieved an average rental rate of $3,429 in April, which is an increase from March’s sum of $3,418. In April of 2011, the average rental rate of Manhattan apartments was $3,317, meaning rates have increased by between 3 and 5 percent over the past year. According to recorded deals for the monthly market report the average rates were as follows:
- Manhattan studios rented for an average of $2,025
- Manhattan one-bedroom apartments rented for an average of $2,785
- Gotham two-bedroom apartments rented for an average of $3,891
- Three-bedroom apartments rented for an average of $5,186
Gary Malin explained that, while the Manhattan market is experiencing a flourish in activity, there are values to be found elsewhere in the City. “Where you are finding better values is on the Upper East Side and Upper West Side,” he explains. “You have no-doorman, no-elevator buildings,” making the average building 42 percent less in rent. The average apartment building without a doorman rented for $3,199 in April. Newly constructed apartments that included a doorman fetched an average rent of $5,522.
The record high prices, paired with a minimal vacancy rate of 1.16 percent, set the stage for a fruitful future in investment. The revival in rent prices within Manhattan coincides with the recently developed EB-5 project, XXX. Funded by Florida Regional Center EB-5 investors, the Manhattan project is considered a community development and economically boosting endeavor, set to bring jobs and profits to the region.
Florida Regional Center was established as an agent of the 1990 Congress-approved EB-5 Regional Center Program. Based in Palm Beach Gardens and representing projects in the greater South Florida area, Florida Regional Center works with foreign investors and their families to obtain EB-5 Visas and permanent residency in exchange for investments in community development and economy boosting campaigns.
For more information on EB-5 Visas and the EB-5 Visa Program, to learn about Florida Regional Center or to speak with a representative from Florida Regional Center, visit www.visaeb-5.com.