TOWN Residential, New York’s leading luxury real estate services firm, is proud to share the latest installment of the TOWN Leasing Report – a monthly update on residential leasing trends and pricing.
Despite a 1% year over year decrease, the Manhattan market again saw slight month over month average price increases across all bedroom mixes, now for the second month in a row. Since February, the average price increased by 1.1% for this March’s total of $3,539. Over the course of the same period, the average price per square foot increased by a slight 0.3% to $64 per square foot.
Since February, average doorman prices increased by just over 1% for studios through 3-bedrooms, but decreased by 2.8% in the 4+bedroom segment. On the whole, non-doorman rates increased by an average of 2.5% since the previous month.
During March, the market saw an overall 11.3% month over month increase in listings with rent drops. Total inventory increased steadily by 8.5% during the same period.
“Recently, we have seen a decrease in those rental concessions like free rent and owner paid that had been steadily growing over the past few months,” shared Dan Marrello, TOWN Managing Director of Leasing. “We can credit this to the busy rental season that landlords are now anticipating.”
With credible data and clear-cut methodology, the TOWN Leasing Report is based on an amalgamation of TOWN Residential internal database, open listings and exclusives as broadcast through industry subscription services with the omission of properties priced over $10,000.