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- When looking at the most recent data for March, we found that month-over-month, rents rose for all apartment categories in both Manhattan and Brooklyn.
- Rents also climbed across the board in both boroughs year-over-year. Overall, rents rose an average of 6% in Manhattan – and 7% in Brooklyn – since March 2018.
- In March, the vacancy rate fell to 1.33% – from 1.40% in February. In fact, the last time there was less inventory available for rent was in August 2018, when the vacancy rate dipped to 1.29%
- The rate is also lower than it was at this time last year. In March 2018, 1.63% of apartments were vacant.
- The percentage of leases that included a move-in incentive fell to 29% in March, from 31% in February. Year-over-year, their prevalence also declined (from 35% in March 2018).
- When comparing boroughs, concessions were much more prevalent in Brooklyn. In March, 44% of leases in the borough included an incentive, versus 20% in Manhattan.
“As 2019 progresses, conditions continue to strengthen for building owners, laying the foundation for potential market growth in the summer season ahead. However, New York renters remain price-sensitive. Any removal of concessions – or rent increases – must be done strategically to avoid the reversal of this trend. It’s a delicate balancing act. ”
- Gary Malin, President of Citi Habitats