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- Last month, the average monthly rental price for a Manhattan studio was $2,315. For one-bedroom homes, the average was $3,097. For two-bedrooms, the average rent was $4,085. Finally, the average three-bedroom apartment rented for $5,225.
- In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,286 per month on average. For Brooklyn one-bedrooms, the average rent was $2,822, while rents for two- and three-bedrooms clocked in at $3,642 and $4,913, respectively.
- In February, Manhattan’s vacancy rate rose to 1.98% – from January’s rate of 1.90%. The rate is also higher when compared a year prior. In February 2016, the Manhattan vacancy rate was 1.74%.
- When examining concessions, 31% 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 February – down slightly from 37% in January. Looking year-over-year however, their prevalence increased. In February 2016, 25% of leases offered an incentive.
“While landlords are still offering move-in incentives on a substantial number of apartments, they may have been emboldened by the declining vacancy rate from December to January. As a result, they pulled back their use of concessions slightly last month,” explained Gary Malin, President of Citi Habitats. “The fact is, many home-seekers, especially those looking at luxury product, are savvy shoppers and price-sensitive. So when they didn’t see ‘good value’ in the marketplace, the vacancy rate rose once again. There is simply a lot of inventory available. Tenants can pick and choose from a variety of enticing options – on both sides of the East River. But the good news for landlords is that February is typically the height of the ‘winter doldrums.’ It will be interesting to see how the market shifts as we enter spring, as demand will likely increase.”
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