Citi habitats 4q ye 2009 report

RESIDENTIAL RENTAL MARKET REPORT
Fourth Quarter 2009 / Year-End Review
Owned and operated by NRT LLC.

Citi Habitats
Residential Rental Market Report
4th Quarter / Year-End Review 2009
Our results for December 2009 continued the pattern seen during the prior eight months of 2009 of minor price adjustments providing
us with further evidence that the Manhattan rental market had found its footing in terms of pricing. Additionally, vacancy rates which
historically increase during this period actually decreased slightly over November’s rate, indicating positive absorption in the market.
Results for the 4th Quarter 2009 vs. 3rd Quarter 2009 also were atypical of past market trends. Because the 3rd Quarter figures include peak
season rental tallies, adjustments in rental prices and vacancy rates in the 4th Quarter are usually notable. However, during this 4th Quarter
we saw only nominal decreases in both rental pricing and a marginal increase in the vacancy rate.
As we expected, the 2009 rental market underwent price corrections. Prices on average are approximately 7% lower than in 2008 and
this adjustment does not include landlord incentives such as free rent which, when factored in, would make price reductions greater.
Vacancy rates are marginally higher in 2009 (but continue to remain below 2%) from 2008 totals. However, over 3,700 new rental units
came to market during 2009 (south of 96th Street) and we saw incredible absorption with respect to this new product. During this
period, CHMG, Citi Habitats’ development marketing group, rented Silver Towers at a very brisk pace, renting over 40% of market-rate
units during its launch phase as well as the lease-up or completion of Dwell95, The Westbourne, Greystone, and The Hub.
In 2009 Citi Habitats reached the incredible milestone of renting over 12,900 apartments in one year, an increase of 23% as compared
with the 2008 total of more than 10,500 rental transactions. Many factors came into play during the year that contributed to achieving
this incredible feat. 2009 was a great year to be a renter; because of the combination of lower prices and landlord incentives, amazing
rental opportunities existed in the marketplace. Some, previously priced out of the Manhattan market and living in an outer borough
were now able to afford an apartment in Manhattan. Many upgraded and moved to a larger space or a neighborhood closer to their
job for less or equal rent. In any event, these indicators are a clear testament to the health and vitality of the rental market and the
long-term prospects of our great City.
Please note the following with respect to this report:
1. The statistics in this report were compiled using solely Citi Habitats closed transactions during the stated
period(s).
2. Average rents cited in this report are, for the majority, gross rents, not net effective rents, and do not include
landlord incentives, unless the face rent reported on the lease was the net-effective amount. Factoring in
rent concessions, average rents may be between 5% to 7% lower. However, not every rental transaction
contains a landlord concession.
We hope you will find this study informative and we welcome any questions you may have regarding it.
Sincerely,

Gary Malin, President
We find more New Yorkers homes than any other brokerage firm.

total 4Q rental transactions total 2009 Rental Transactions
5000 15,000 12,900+
4000 12,500
10,500+
3000 2600+ 10,000
2000 1800+ 7,500
1000 5,000
0 0
4Q 2008 4Q 2009 2008 2009

Overall transactional volume for Citi Habitats for the 4Q 2009 Overall transactional volume for Citi Habitats for 2009 was
was more than 2,600 transactions, representing an increase more than 12,900 transactions, representing an increase of
of more than 30% in the total number of transactions from 23% in the total number of transactions from the 2008 total
the 4Q 2008 total of more than 1,800 transactions. of more than 10,500 transactions.

RENTAL MARKET ANALYSIS: 4th Quarter 2009

AVERAGE RENT SUMMARY: Q4/09
LOCATION STUDIO 1BR 2BR 3BR LOCATION STUDIO 1BR 2BR 3BR
Chelsea 2048 2908 4381 5239 Upper East Side 1569 2087 3043 5131
East Village 1804 2281 3224 4100 Upper West Side 1688 2351 3484 5401
Gramercy/Flatiron 2035 2852 3912 5047 Wall Street/BPC 2054 2728 3781 4943
Harlem 1112 1438 1680 2215 Washington Heights 1073 1360 1800 2049
Lower East Side 1698 2033 2782 3490 West Village 1993 2845 3916 5383
Midtown East 1818 2370 3520 5026 Average: Q4/09 1733 2343 3294 4438
Midtown West 1926 2494 3428 4422 Average: Q3/09 1760 2423 3381 4591
Morningside Heights 1321 1851 2262 3012 % Change -1.5% -3.3% -2.6% -3.3%
Murray Hill 1731 2398 3157 4213 Average: Q4/08 1841 2527 3551 4712
SoHo/TriBeCa 2130 3145 5042 6898 % Change: Q4-08/09 -5.9% -7.3% -7.2% -5.8%

AVERAGE RENTS: Q4/09 Market-wide for Manhattan, the average 4Q 2009 rental price for a studio was $1,733, representing
a decrease of 1.5% from 3Q 2009; a one bedroom, $2,343 representing a decrease of 3.3% from 3Q 2009; a two bedroom, $3,294
representing a decrease of 2.6% from 3Q 2009; and three bedroom, $4,591 representing a decrease of 3.3% from 3Q 2009.

VACANCY SUMMARY: Q4/09
NEIGHBORHOOD VACANCY RATE NEIGHBORHOOD VACANCY RATE
BPC / Financial Dist 2.05% Upper East Side 2.24%
Chelsea 1.33% Upper West Side 2.06%
East Village 1.72% West Village 1.34%
Gramercy 2.09% Overall Vacancy: Q4/09 1.79%
Midtown East 2.18% Overall Vacancy: Q3/09 1.71%
Midtown West 1.53% Difference 0.08%
Murray Hill 2.05% Overall Vacancy: Q4/08 1.96%
SoHo/TriBeCa 1.05% Difference: Q4 - 08/09 (0.17%)

VACANCY RATES: Q4/09 The overall vacancy rate for Manhattan for 4Q 2009 was 1.79% representing a 0.08% increase
in the vacancy rate from the 3Q 2009 rate of 1.71%.

A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments
at 1.05%, while the Upper East Side, at 2.24%, ranked highest.

OVERALL BLENDED AVERAGES: Q4/09 MANHATTAN RENTAL VACANCY RATES: Q4/09
2.5
BLDG CLASSIFICATION STUDIO 1BR 2BR 3BR
2 2.36 1.76
New Development w/ DM* 2434 3573 5972 8396 1.96
1.88

1.5 1.71
Doorman 2144 3054 4402 5659 1

.5
Elevator*** 1758 2452 3723 5412
0
Walkup** 1602 2041 2686 3910 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09
* New Developments include all rental and condo buildings built after 2003.
**Walkup averages include brownstone and townhouse rentals.
***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

RENTAL MARKET ANALYSIS: 2009 vs 2008

AVERAGE RENT SUMMARY: 2009 vs 2008
Chelsea 2058 2959 4369 5463 Upper East Side 1608 2167 3070 5164
East Village 1824 2372 3286 4281 Upper West Side 1760 2366 3497 5475
Gramercy/Flatiron 1994 2965 4124 5132 Wall Street/BPC 2069 2819 4001 5081
Harlem 1170 1504 1855 2192 Washington Heights 1064 1393 1820 2092
Lower East Side 1719 2162 2951 3750 West Village 2037 2945 4009 5431
Midtown East 1805 2399 3819 5210 Average: 2009 1757 2406 3411 4560
Midtown West 1866 2457 3574 4664 Average: 2008 1883 2608 3700 4898
Morningside Heights 1372 1952 2455 2999 % Change -6.7% -7.7% -7.8% -6.9%
Murray Hill 1835 2408 3255 4364 Overall % Change -7.3%
SoHo/TriBeCa 2181 3230 5086 7097

AVERAGE RENTS: 2009 Market-wide for Manhattan, the average 2009 rental price for a studio was $1,757, representing a
decrease of 6.7% from 2008; a one bedroom, $2,406 representing a decrease of 7.7% from 2008; a two bedroom, $3,411 represent-
ing a decrease of 7.8% from 2008; and three bedroom, $4,560 representing a decrease of 6.9% from 2008.

VACANCY SUMMARY: 2009 vs 2008
BPC / Financial Dist 2.02% SoHo/TriBeCa 1.35%
Chelsea 1.58% Upper East Side 2.38%
East Village 2.10% Upper West Side 1.98%
Gramercy 1.99% West Village 1.64%
Midtown East 2.36% Overall Vacancy: 2009 1.93%
Midtown West 1.76% Overall Vacancy: 2008 1.42%
Murray Hill 2.09% Difference: 2009/2008 0.51%

VACANCY RATES: 2009 The overall vacancy rate for Manhattan for 2009 was 1.93% representing a 0.51% increase in the
vacancy rate from the 2008 rate of 1.42%.

A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at 1.35%,
while the Upper East Side, at 2.38%, ranked highest.

MANHATTAN RENTAL VACANCY RATES: 2009
2.50

2.46 2.37
2.24
2.28 1.84
1.83 1.86 1.87
1.50 1.72 1.65 1.67 1.62

0.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

RENTAL MARKET ANALYSIS: December 2009

AVERAGE RENT SUMMARY: 12/09
Chelsea 2100 2909 4384 5150 Murray Hill 1701 2234 3130 3710
East Village 1841 2159 3289 4050 SoHo/TriBeCa 2190 3048 5130 6900
Gramercy/Flatiron 2075 2804 3883 5087 Upper East Side 1504 2056 3026 5150
Harlem 1120 1455 1648 2132 Upper West Side 1605 2276 3466 5400
Lower East Side 1731 2031 2725 3500 Wall Street/BPC 2053 2637 3778 4877
Midtown East 1826 2413 3491 5028 Washington Heights 1050 1330 1813 1973
Midtown West 1904 2544 3351 4338 West Village 2065 2827 3857 5425
Morningside Heights 1340 1767 2199 2898 Average 1740 2299 3278 4375

AVERAGE RENTS: 12/09 Market-wide for Manhattan, the average December 2009 rental price for a studio was $1,740, representing
an increase of 1% from November 2009; a one bedroom, $2,299 representing a decrease of 2% from November 2009; a two bedroom, $3,278
representing a decrease of 1% from November 2009; and three bedroom, $4,375 representing a decrease of 2% from November 2009.

VACANCY SUMMARY: 12/09
BPC / Financial Dist 1.86% Murray Hill 2.03%
Chelsea 1.20% SoHo / TriBeCa 1.23%
East Village 1.90% Upper East Side 2.16%
Gramercy 1.86% Upper West Side 2.17%
Midtown East 2.24% West Village 1.41%
Midtown West 1.53% Overall Vacancy 1.84%

VACANCY RATES: 12/09 The overall vacancy rate for Manhattan for December 2009 was 1.84% representing a 0.03% decrease in the va-
cancy rate from the November 2009 rate of 1.87%.

A comparison of vacancy rates, by neighborhood, reveals that the Chelsea area had the least amount of available apartments at 1.20%, while Mid-Town
East, at 2.24%, ranked highest.

OVERALL BLENDED AVERAGES: 12/09 MANHATTAN RENTAL VACANCY RATES: 12/09
BLDG CLASSIFICATION STUDIO 1BR 2BR 3BR 2.50% 2.28
2.46 2.37
2.24 2.24
New Development w/ DM* 2430 3681 5977 8784 1.86 1.87 1.84

1.83
1.72 1.65 1.67 1.62
1.25%
Doorman 2096 2978 4322 5695

Elevator*** 1708 2419 3690 5279
0%
Walkup** 1539 1988 2601 3751 Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 09

**Walkup averages include brownstone and townhouse rentals.
***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

RENTAL MARKET ANALYSIS: November 2009


AVERAGE RENTS: 11/09 Market-wide for Manhattan, the average November 2009 rental price for a studio was $1,728, representing no
change from October 2009; a one bedroom, $2,345 representing a decrease of 2% from October 2009; a two bedroom, $3,298 representing no
change from October 2009; and three bedroom, $4,445 representing a decrease of 1% from October 2009.

Chelsea 1.50% SoHo / TriBeCa .98%

VACANCY RATES: 11/09 The overall vacancy rate for Manhattan for November 2009 was 1.87% representing no change in the vacancy
rate from the October 2009 rate of 1.86%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .98%, while the
BPC/Financial District, at 2.22%, ranked highest.

BLDG CLASSIFICATION STUDIO 1BR 2BR 3BR 2.50%
2.28
2.46 2.37
2.24 2.24
2.04
New Development w/ DM* 2406 3550 5942 8330 1.86 1.87

1.83
1.72 1.65 1.67 1.62
1.25%
Doorman 2137 3042 4391 5575

Elevator** 1766 2472 3713 5386
0%
Walkup*** 1592 1985 2621 3953 Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov 09

** Walkup averages include brownstone and townhouse rentals.
*** Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

RENTAL MARKET ANALYSIS: October 2009


Peak Season AVERAGE RENTS: 10/09 Market-wide for Manhattan, the average October 2009 rental price for a studio was
$1,731, representing a decrease of 1% from September 2009; a one bedroom, $2,384 representing a decrease of 1% from September 2009; a
two bedroom, $3,307 representing a decrease of 1% from September 2009; and three bedroom, $4,494 representing a decrease of 1% from
September 2009.

Chelsea 1.30% SoHo / TriBeCa .95%

Peak Season VACANCY RATES: 10/09 The overall vacancy rate for Manhattan for October 2009 was 1.86% representing a slight
increase in the vacancy rate from the September 2009 rate of 1.83%.

A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .95%, while the
Upper East Side, at 2.41%, ranked highest.

BLDG CLASSIFICATION STUDIO 1BR 2BR 3BR 2.50%
2.28
2.46 2.37
2.24 2.24
2.04 1.86
New Development w/ DM* 2465 3489 5998 8075

1.83
1.71 1.72 1.65 1.67 1.62
1.25%
Doorman 2199 3141 4493 5708

Elevator** 1801 2465 3765 5571
0%
Walkup*** 1675 2149 2836 4027 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct 09

** Walkup averages include brownstone and townhouse rentals.
*** Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

Citi habitats 4q ye 2009 report

Citi habitats 4q ye 2009 report

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