New Yorkers looking for a real estate bargain in Manhattan received some holiday bonuses last month, according to two real estate reports released Thursday.
Concessions for apartments in the borough shot up in December, according to real estate groups Douglas Elliman and Citi Habitats.
The share of new rentals with concessions, such as a free month’s rent or waiving of fees, increased from 7.8% in December 2014 to 13.1% last month, Douglas Elliman said. Citi Habitats said 14% of leases had concessions in December 2015, about 1% more than in the same period in 2014.
The increase in apartments with concessions is partly due to the lower occupancy rates Manhattan pads experience during colder months, both real estate companies said.
Douglas Elliman reported that the vacancy rate jumped from 2.52% in December 2014 to 2.74% last month, while Citi Habitats said the vacancy rate increased .32% during that same period.
The concessions, however, are still no match for the high Manhattan rents. Douglas Elliman reported that median rents were $3,350 in December of 2015, 3.1% higher than in the same period in 2014 while Citi Habitats said median rents were $2,899 last month and the prices barely changed from December 2014.
Another real estate company, MNS, also put out a report about Manhattan rents Thursday and found that the average rent for the borough increased 1.95%, from $3,836 in December 2014 to $3,911 last month. Apartments of all sizes saw a price jump in most neighborhoods, according to MNS.