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- In January 2017, the average monthly rental price for a Manhattan studio was $2,318. For one-bedroom homes, the average was $3,068. For two-bedrooms, the average rent was$4,072. Finally, the average three-bedroom apartment rented for $5,254.
- In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for$2,274 per month on average. For Brooklyn one-bedrooms, the average rent was $2,780, while rents for two- and three-bedrooms clocked in at $3,611 and $4,869, respectively.
- In January, the Manhattan vacancy fell to 1.90% from December’s rate of 2.13%. However, the rate is unchanged when compared a year prior.
- When examining concessions, a full 37% 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 January – up slightly from 35% in December. Looking year-over-year however, their prevalence increased substantially. In January 2016, only 17% of leases offered a move-in incentive.
“We remain in an uneasy equilibrium. Tenants are still very price-sensitive – while landlords continue to resist lowering rents – but begrudgingly, they still transact,” explained Gary Malin, President of Citi Habitats. “It’s a value-driven market now. The dynamics of our city have changed in that apartment-seekers are much more open to a variety of neighborhoods. They want to know what’s out there before they sign a lease, and they expect a deal.”
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