Contact me here to discuss any upcoming vacancies and/or pricing of your apartments.
- The report found that when compared to July, Manhattan rents decreased in August for all apartment sizes absent 3-bedroom homes.
- The average monthly rental price for a Manhattan studio was $2,318. For one-bedroom homes, the average was $3,032. For two-bedrooms, the average rent was $4,034. Finally, the average three-bedroom apartment rented for $5,333.
- In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) were more expensive than their Manhattan counterparts – at $2,364 per month. For Brooklyn one-bedrooms, the average rent was $2,901, while rents for two- and three-bedrooms clocked in at $3,750 and $4,848, respectively.
- The Manhattan vacancy fell to 1.73% from July’s rate of 1.92%. This reverses the recent trend of climbing vacancy rates (despite the summer busy season) and is the lowest Manhattan vacancy rate since September of last year (when it was 1.62%).
- 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 August – unchanged from July.
Click the image above to access the full report