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- Last month, the average monthly rental price for a Manhattan studio was $2,422. For one-bedroom homes, the average was $3,219. For two-bedrooms, the average rent was $4,021. Finally, the average three-bedroom apartment rented for $5,461.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,284 per month on average, 6% less than Manhattan. For Brooklyn one-bedrooms, the average rent was $2,761 (14% less than Manhattan), while rents for two- and three-bedrooms clocked in at $3,598 and $4,899 respectively (11% and 10% less than across the river).
- In October, the Manhattan vacancy rate rose to 2.02% – from September’s rate of 1.94%. In addition, the borough’s vacancy rate increased from last October, when it was 1.90%.
- When examining concessions, 36% 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 October – down slightly from 37% in September. However, when looking year-over-year, their prevalence increased. In October 2016, 26% of leases offered an incentive.
“In October, the vacancy rate climbed – due in part to a seasonal decrease in demand. However, many landlords’ leasing strategies changed little during the month. To fill apartments in the current price-sensitive market, owners need to create a sense of value,” explained Gary Malin, President of Citi Habitats. “To combat rising inventory, they will likely ratchet up their use of incentives – and potentially lower rents on select units – as we move through fall. For apartment seekers, the coming months are likely good ones to make a move.”
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