The Manhattan median rental price inched up 1.8% to $3,394 according to the latest report while the luxury rents stayed static at $8,194. According to the broker feedback there is a lot of inventory to absorbed into the market and concessions and price still drive the Manhattan rental market. While buyers are staying on the sidelines, you would think that rents were begin to increase but while lease activity in September has increased market wide we have to enter into a new cycle of rent increases. There is so much parity in the market in terms of choices and Manhattan has competition from both Queens and Brooklyn in terms of offerings and types of buildings.
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Most sought after and least supplied amenity in a Manhattan rental is?
Apartmentlist.com did nationwide research to see what amenities were most sought after by renters and compared that to what is most supplied by landlords. Interestingly enough in the NYC market, 39% of the renters were looking for an in-unit laundry while only 10% of the apartments had it. This coincides with the on the ground data of my past rentals where many tenants ask if the unit has an washer/dryer in the apartment and most do not.
When you do a search on streeteasy.com for 1 bedrooms for rent on Manhattan’s upper west side, you find 204 listings but when you check the box for washer/dryer, the number goes down to only 8!
In Central Harlem, under $2,500 per month, you find 59 listings with at least 2 bedrooms and when you only look at apartments with washer/dryers the number goes down to 7!
Full coverage from Apartmentlist.com
The Author- 
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.
Manhattan rental market continues to be driven by concessions
In May, rental prices for both 3 bedrooms and 2 bedrooms dropped, 6% and 4.6% respectively. Concessions are up 12.5% year over year and have been steadily rising for the last 3 years.
This is consistent with the rentals that I have listed of late which need to be either priced very aggressively or offered with concessions to be rented. Along the same lines, landlords are negotiating with existing tenants to keep them.
33 Luxury contracts signed last week Record breaking week
33 Luxury Manhattan apartments priced at $4 million and up went to contract last week marking the best late June week since records were kept by Olshan Realty. Could this be a turning point in the luxury market as the pipeline begins to dry up. There is still a lot of inventory out there that needs to be absorbed but market conditions in favor of buyers do not usually last long in Manhattan.
Soho residential listings selling at 15% discount according to report
According to a recent report, the residential listings in Soho are experiencing price cuts of approximately 10% and usually are chopped another 5% after that. The market like many neighborhoods in Manhattan is a buyer’s market. Seller’s expectations are coming down but as this is happening in Soho, the sellers do not have to sell so the market is at an impasse.
The below table shows the number of active listings by bedroom count in Soho.
| # Bedrooms | Active | Low Price | High Price |
| 1 | 36 | $580,000 | $11,000,000 |
| 2 | 58 | $630,000 | $12,250,000 |
| 3 + | 80 | $1,995,000 | $40,500,000 |
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
21 luxury contracts were signed last week
Manhattan’s luxury market continues to record strong sales this spring with 21 contracts signed last week for properties at $4mm and above. Roughly half of those contracts were signed for downtown properties.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
24 luxury contracts signed last week
24 Luxury contracts were signed last week for property $4mm and above in Manhattan. Discounts drove the action as the average discount from the listing price is over 10%. It’s not unusual that property owners who purchased in the last 3 years are selling at a loss in order to liquidate.
In other reports, rents are still trending down with concessions like free month’s rent and owner paid broker fees fueling activity especially in new developments where 90% of the apartments were rented with concessions. Just under half (44%) of the new leases signed in Manhattan in April included concessions.
Does it make sense for a Manhattan owner to pay the broker fee?
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.