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- In February 2019, the average monthly rent for a Manhattan studio was $2,489. For one-bedroom homes, the average was $3,179. For two-bedrooms, the average rent was $4,181. Finally, the average three-bedroom apartment rented for $5,711.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,379 per month on average. For Brooklyn one-bedrooms, the average rent was $2,938 – while rents for two- and three-bedrooms clocked in at $3,803 and $4,897
- In February, the Manhattan vacancy rate was 1.40% – down from January’s rate of 1.52%. This is the second consecutive month where the vacancy rate fell, and the lowest rate since September of last year (when 1.36% of apts. were vacant).
- When examining concessions, 31% 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 February– down from 33% in January. These move-in incentives were much more prevalent in Brooklyn, where they were found on 48% of leases, than in Manhattan (@ 21% of leases).
“In February, the rental market released some of the pent-up demand that developed over the holiday season,” explained Gary Malin, President of Citi Habitats. “Overall, apartment-seekers experienced slightly-higher asking rents – and less available inventory. However, generous concessions are still being offered – especially in neighborhoods with a lot of high-end new construction. As we transition from winter to spring, conditions have started to improve for landlords. However, there is still opportunity for savvy renters to score a deal.”
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