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- Last month, the average monthly rental price for a Manhattan studio was $2,475. For one-bedroom homes, the average was $3,213. For two-bedrooms, the average rent was $4,426. Finally, the average three-bedroom apartment rented for $5,588.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,341 per month on average. For Brooklyn one-bedrooms, the average rent was $2,835 – while rents for two- and three-bedrooms clocked in at $3,608 and $5,039 respectively.
- In November, the Manhattan vacancy rate was 1.55% – up from October’s rate of 1.44%. This is the third consecutive month of vacancy rate increases – and marks the most available inventory on the rental market since March.
- When examining concessions, 34% 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 November – up from 29% in October. We have not seen incentives this prevalent since March (when they were found on 35% of new leases).
“In November, the rental market continued to shift to the tenants’ favor – with the highest levels of both inventory and landlord concessions since March,” explained Gary Malin, President of Citi Habitats. “The reason is partially seasonal, as demand traditionally wanes during the winter holiday season. However, apartment-seekers at all ends of the price spectrum continue to seek value, and are increasingly open to both new neighborhoods – and building types – in order to find it.”
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