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- In May 2018, the average monthly rental price for a Manhattan studio was $2,364. For one-bedroom homes, the average was $3,207. For two-bedrooms, the average rent was $3,989. Finally, the average three-bedroom apartment rented for $5,327.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,312 per month on average. For Brooklyn one-bedrooms, the average rent was $2,837, while rents for two- and three-bedrooms clocked in at $3,685 and $4,872 respectively.
- In May, the Manhattan vacancy rate fell to 1.27% – from April’s rate of 1.44%. This marks the sixth consecutive month of vacancy rate declines. This consistent and steady drop is unusual. The last time our research found vacancy falling for such a prolonged period was from December 2013 – June 2014 (just over 4 years ago).
- When examining concessions, 19% 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 from 26% in April. Year-over-year, their use is also down. In May 2017, 22% of tenants received a concession from their landlord.
- The use of move-in incentives has dropped considerably over the last three months. As recently as February of this year, they were found on 46% of new leases – and in November of 2017, they were found on more than half (51%).
“Through their effective use of concessions, owners have dramatically reduced the vacancy rate over the last 6 months,” explained Gary Malin, President of Citi Habitats. “However, since February, they have begun to dial back the freebies offered to new residents – while keeping their face rents relatively unchanged. While landlords have created positive absorption in the marketplace, they have yet to achieve higher pricing. It’s a delicate balance. The goal is to find the right overall proposition – that will convince tenants to act.”
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