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New York Furnished Apartment Market Report: 1st Half 2010

8.  1st Half 2010 Furnished Apartment Prices

Average Price of Furnished Apartments in the 1st half of 2008, 2009 and 2010Average Price of Furnished Apartments in the 1st half of 2008, 2009 and 2010

A common barometer for the market is the average price of apartment rentals. The average takes into account all of the rentals and gives a good idea of what to expect in the market. In the 1st half of 2010, the average price of a furnished apartment was $2414 compared with $2376 in the 1st half of 2009. The average price in 2009 was the lowest since we began the report, while the 2010 average price was marginally higher compared with the 2005 average price of $2410.

It is positive news to see that both the number of rentals is rising as well as the prices of apartments. Based on the level of increases in the number of deals, owners may be able to raise prices slightly higher in the coming months though there is a risk as the U.S. dollar has risen in value versus the Euro and British Pound significantly recently meaning that Europeans may not accept increases in prices.

Next we look at prices by apartment type to see if there are any variations from the broader trend of slightly increasing prices.

Average Price of Furnished Apartments by Type 1st half of 2008, 2009 and 2010Average Price of Furnished Apartments by Type 1st half of 2008, 2009 and 2010

  • The average price of studios was up just over 7% to $2012 per month compared with $1876 in the 1st half of 2009. The important psychological barrier of $2000 was once again broken and means that the market is willing to still rent apartments at this level and above, a good sign for the furnished apartment market.
  • 1-bedroom apartments saw an increase of $40 per month (1.6%) to $2451 a month on average.
  • 2-bedroom continued to see a decline in price as more customers looking for larger apartments were more cautious and looked for better deals. Overall prices fell about 3% to $2864 per month from $2945 in the 1st half of 2009.
  • Due to such a small number of rentals of 3-bedrooms and larger, the variations tend to be wide and this year was no different, prices were up by over 20% to $3586.

Average, Median and Mode Price of Furnished Apartments in the 1st half of 2008, 2009 and 2010Average, Median and Mode Price of Furnished Apartments in the 1st half of 2008, 2009 and 2010

In the chart below we look at the range of prices paid for each type of apartment in the 1st half of 2010. Prices ranged from a studio in Queens for $950 up to a 3-bedroom rental in Manhattan for $7500. Compared with the 1st half of 2009, price ranges for furnished apartments tended to grow larger, with the most expensive 1-,2-, and 3-bedroom apartments all being more expensive than last year. Furthermore, the least expensive studio and 2-bedroom apartments were both less expensive than in 2010. The increased range is due to 2 factors, a greater number of bookings overall and a more confident outlook on the world's economy in 2010.

Price Range for Furnished Apartments in the 1st half of 2010Price Range for Furnished Apartments in the 1st half of 2010