- Last month, the average monthly rental price for a Manhattan studio was $2,128. For one-bedroom homes, the average was $2,835. For two-bedrooms, the average rent was $3,998. Finally, the average three-bedroom apartment rented for $5,203.
- As usual, the most expensive neighborhood for renters in May was SoHo/TriBeCa, with a median rent of $4,550. Gramercy/Flatiron was the second priciest area, with a median rent of $3,580.
- The least expensive area for renters in Manhattan during the month was Washington Heights, with a median rent of $1,800. When examining neighborhoods below 96th Street, the Upper East Side’s median rent of $2,200was the lowest of all areas in this section of the borough.
- In May 2014, the borough-wide vacancy rate fell to 1.17%from April’s rate of 1.36%. The last time the Manhattan vacancy rate was this low was in June 2013, when the rate was 1.10%. May marks the fifth consecutive month of falling vacancy rates. In addition, May’s vacancy rate is the lowest the borough has experienced in 11 months.
- Vacancy rates have tightened across the board, but with a rate of 0.72%, Chelsea was the neighborhood with least inventory in May 2014. On the other end of the spectrum, the vacancy rate was highest in Midtown East. Last month, 1.55%of homes in the neighborhood were vacant.
- In addition, landlords’ use of concessions continues to decline. In May, 7% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants, down from 9% in April. In fact, May’s concessions percentage is the lowest we have seen since October 2013, when the percentage was 6%.
The full report may be accessed here