15 Broad St - Report
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<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Rental Market Analysis <br />
Q3 2024 Rental Activity:<br />
Size<br />
Average Asking<br />
Rent<br />
Leased Units<br />
(Q3 2024)<br />
Avg. Asking Rent % Change<br />
(Q3 2024 vs Q3 2023)<br />
Average<br />
DOM<br />
<strong>St</strong>udio $4,462 4 5.41% 14<br />
2HO $5,995 1 8.93% 112<br />
1BR + 1HO $7,450 2 - 25<br />
Total $5,535 7 1.61% 31<br />
Overview:<br />
The rental market at <strong>15</strong> <strong>Broad</strong> <strong>St</strong> in the third quarter of 2024 displayed solid<br />
performance, with a modest increase in overall asking rents despite some fluctuations<br />
across unit types. The average asking rent for all units was $5,535, representing a 1.61%<br />
increase compared to Q3 2023. However, properties spent more time on the market,<br />
with an average days on market (DOM) of 31 days, up from 25 days in the same period<br />
last year. This suggests a more cautious tenant pool, likely evaluating rental options<br />
carefully in a market where prices continue to rise.<br />
Average Rent: The average asking rent in Q3 2024 stood at $5,535, a slight increase<br />
from Q3 2023. This growth was driven by notable rises in larger units, particularly in the<br />
2-home office category. While smaller units such as studios also saw increases, the rise<br />
in rents was more moderate for these unit types.<br />
Days on Market: The average DOM in Q3 2024 was 31 days, marking an increase from<br />
25 days in Q3 2023. Larger and more expensive units, such as 2-home offices,<br />
contributed to this rise, with some properties staying on the market for an extended<br />
period. <strong>St</strong>udios, however, maintained a quicker turnaround, reflecting sustained interest<br />
in smaller and more affordable spaces.
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