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- In May 2017, the average monthly rental price for a Manhattan studio was $2,412. For one-bedroom homes, the average was $3,155. For two-bedrooms, the average rent was $4,122. Finally, the average three-bedroom apartment rented for $5,388.
- Average rents in Brooklyn increased for all apartment categories when compared to the month prior. Studio apartments in the borough (in the 14 neighborhoods studied) rented for $2,277 per month on average. For Brooklyn one-bedrooms, the average rent was $2,868, while rents for two- and three-bedrooms clocked in at $3,762 and $5,140, respectively.
- In May, the borough-wide vacancy rate fell to 1.58% – from April’s rate of 1.78%. Last May, the Manhattan vacancy rate was 1.81%. In fact, the last time there was this much inventory on the market was during August 2015, when 1.40% of units were vacant.
- When examining concessions, 22% 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 May – down slightly from 28% in April. Looking year-over-year however, their prevalence increased. In May 2016, 17% of leases offered an incentive.
“We remain in a price-sensitive rental market where incentives remain in play,” explained Gary Malin, President of Citi Habitats. “However, as is typical for the season, demand for apartments is increasing as we enter summer. Landlords know that if ever there was a time to test the waters, it’s now. But they need to tread carefully when removing concessions and raising rents. The secret is to master that balancing act that keeps tenant traffic up, but still increases their bottom line.”
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