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Last month, the average monthly rental price for a Manhattan studio was $2,349. For one-bedroom homes, the average was $3,163. For two-bedrooms, the average rent was $4,070. Finally, the average three-bedroom apartment rented for $5,449.
In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,265 per month on average. For Brooklyn one-bedrooms, the average rent was $2,852, while rents for two- and three-bedrooms clocked in at $3,725 and $5,122 respectively.
- In July, the Manhattan vacancy rate climbed to 1.84% – from June’s rate of 1.74%. However, in July 2016, the rate was 1.92% – even higher than last month.
- When examining concessions, 24% 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 July – down slightly from 28% in June. Looking year-over-year however, their prevalence increased. In July 2016, 19% of leases offered an incentive.
“The fact that some landlords reduced their use of incentives was likely responsible for the uptick in vacancies,” explained Gary Malin, President of Citi Habitats. “In the current environment, tenants have been trained to expect a ‘good deal.’ For owners to achieve the right velocity, they need to offer concessions that are not only attractive in their local sub-market, but also when compared to buildings in competing areas. Many tenants are no longer hyper-focused on a certain neighborhood. Instead, they are willing to explore a variety of housing options across all boroughs.”
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