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Additional relevant findings of the April 2017 Citi Habitats rental report are outlined below. Please note: as of August 2016, our firm now tracks average and median monthly rents for 14 Brooklyn neighborhoods.
- In April 2017, the average monthly rental price for a Manhattan studio was $2,342. For one-bedroom homes, the average was $3,154. For two-bedrooms, the average rent was $4,127. Finally, the average three-bedroom apartment rented for $5,354.
In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,267 per month on average. For Brooklyn one-bedrooms, the average rent was $2,851, while rents for two- and three-bedrooms clocked in at $3,732 and $5,049, respectively.
The most expensive Manhattan neighborhood for renters in April 2017 was SoHo/TriBeCa, with a median rent of $5,997. Gramercy/Flatiron was the second- priciest area – with a median rent of $4,535.
For Brooklyn, DUMBO was the most expensive neighborhood in April, with a median rent of $4,675, followed by Downtown Brooklyn, where the median rent was $3,595
Manhattan rents were lowest in April 2017 in Washington Heights, with a median rent of $2,275. When examining neighborhoods below 96th Street, The Lower East Side was the least expensive neighborhood for renters with a median rent of $3,135.
Bedford-Stuyvesant, with a median April rent of $2,450, was the least-expensive Brooklyn neighborhood tracked in our report – followed by Bushwick, where the median rent was $2,590.
- With a vacancy rate of 1.36%, Gramercy was the Manhattan area with least inventory in April 2017, followed by SoHo/TriBeCa at 1.42%. On the other end of the spectrum, the vacancy rate was highest in the West Village. Last month, 2.18% of rental units in the neighborhood were vacant. Chelsea had second-highest percentage of available homes, with a vacancy rate of 2.13%.
“In April, we noted three positive signs for landlords,” explained Gary Malin, President of Citi Habitats. “Although their rise slowed when compared March, rents continued to hold steady – and were up slightly overall. Meanwhile, the Manhattan vacancy rate declined to the lowest level since August of last year, while the percentage of leases that offered a concession also fell. We are beginning to enter a traditionally busy time of year, so it will be interesting to see if market conditions continue to shift as we enter summer.”
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