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- In July 2018, the average monthly rental price for a Manhattan studio was $2,406. For one-bedroom homes, the average was $3,260. For two-bedrooms, the average rent was $4,314. Finally, the average three-bedroom apartment rented for $5,639.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,359 per month on average. For Brooklyn one-bedrooms, the average rent was $2,959 – while rents for two- and three-bedrooms clocked in at $3,868 and $5,463
- In July, the Manhattan vacancy rate was 34% – up slightly from June’s rate of 1.32%. This marks the second consecutive month where the rate increased – after six straight months of falling inventory.
- When examining concessions, 25% 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 from 27% in June. Year-over-year, their use is nearly even.
- The use of these move-in incentives has dropped considerably over the last six 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%).
“Given the historically busy time of year, owners seized the opportunity to raise rents and lower concessions. However, tenants have resisted these changes – thus tempering demand,” explained Gary Malin, President of Citi Habitats. “In response, many have postponed their apartment search entirely. Others have chosen to focus on other locations perceived to offer good value – and where pricing is more in line with their expectations.”