The FIDI REPORT: 3Q17
The average price for an apartment in the Financial District jumped drastically, increasing over 100% annually to an all new record high of $2,475,691. Predominately fueled by the increased price of 3+ bedroom units at the new developments in the area, the neighborhood continued to move upwards.
- 3+ bedroom units showed the largest price increase to $5,713,766
- The average discount increased from the previous quarter up to $1.91% of list price
- The average PPSF in the neighborhood increased to a new record of $1,608
The rental market in the third quarter of the year showed a strong return to favor tenants. With the local vacancy rate rising along with inventory, by the end of September landlords have started to add back concessions to their offering. Virtually all face-value pricing metrics decreased from the previous quarter to an average rent of $4,304 per month.
- The volume of 3+ bedroom units in the area dropped drastically to 5 units compared to the previous quarter
- Studios and one bedrooms continued to stay in high demand accounting for almost 75% of the rental volume
- Listings with price drops declined both quarter of quarter and year over year to only 698