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- In November 2016, the average monthly rental price for a Manhattan studio was $2,383. For one-bedroom homes, the average was $3,055. For two-bedrooms, the average rent was $4,137. Finally, the average three-bedroom apartment rented for $5,224.
- In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,362 per month on average. For Brooklyn one-bedrooms, the average rent was $2,783, while rents for two- and three-bedrooms clocked in at $3,656 and $5,041, respectively.
- In November, Manhattan’s vacancy rose to 2.11% from September’s rate of 1.90%. Last month’s vacancy rate is the highest we have seen for the borough since April 2009 (over 7 years ago). That month, 2.28% of apartments were vacant.
- When examining concessions, 27% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants in November – up slightly from 26% in October. Looking year-over-year however, their prevalence increased substantially. In November 2015, 13% of leases offered a move-in incentive.
“There remains a disconnect between what tenants can afford to pay, and what landlords believe tenants can afford to pay. Many people are simply at their breaking point. Building owners continue to lean on concessions to drive traffic, but these incentives have yet to lower the vacancy rate as anticipated. In addition, because the concession typically is only in effect for the terms of the initial lease, it’s become a ‘tale of two markets.’ Those who can afford the apartment – incentive or not – are getting great discounts. However, if a client is on the fence financially, current offers are still giving them pause vs spurring them to act immediately. They are thinking not of the cost of year one when the incentive’s in play – but year two, when it’s off the field,” – Gary Malin, President of Citi Habitats.
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