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- In September 2019, rents for Manhattan studios continued to rise – an average of 1% – when compared to August. However, the trend of higher rents reversed for other apartment categories in the borough. Pricing for one-, two- and three-bedroom homes all declined by 1%.
- In Brooklyn, rents were down across the board month-over-month. Pricing for studios was down 2%, while rents for one-, two-, and three-bedroom units all decreased 1% on average.
- While rents have recently stabilized, pricing has climbed in both communities year-over-year. Overall, rents rose an average of 5% in Manhattan – and 8% in Brooklyn – since September 2018.
- After falling steadily for six straight months (from December 2018 to June 2019), the vacancy rate has been on an upswing. This – in part – is a response to record-high apartment rents. From its low of 1.02% in June, inventory has climbed for the last three months – reaching 1.27% in September.
- However, the vacancy rate remains lower than it was at this time last year. In September 2018, 1.36% of apartments were vacant.
- The percentage of leases that included a move-in incentive rose to 27% in September, from 24% in August. In contrast, year-over-year their use declined slightly (from 28% in September 2018).
- When comparing boroughs, concessions continue to be much more prevalent in Brooklyn. In September, 44% of leases in the borough included an incentive, versus 17% in Manhattan.
“The city’s rental market remains strong, but cooled slightly as we entered fall. Inventory crept up in September and some great incentives are still in play, especially in new buildings. All things considered, the coming months may be a great time for tenants who have been sitting on the sidelines – to get in the game.”
- Gary Malin, President of Citi Habitats