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- In August 2019, the average monthly rental price for a Manhattan studio was $2,632. For one-bedroom homes, the average was $3,534. For two-bedrooms, the average rent was $4,462. Finally, the average three-bedroom apartment rented for $5,985.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,559 per month on average. For Brooklyn one-bedrooms, the average rent was $3,166 – while rents for two- and three-bedrooms clocked in at $4,223 and $5,528
- In August, the Manhattan vacancy rate was 1.17% – up from July’s rate of 1.11%. This is the second consecutive month where inventory increased, which is unusual for the summer season.
- When examining concessions, 24% 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 – down slightly from 26% in July. These move-in incentives continued to be much more prevalent in Brooklyn, where they were found on 40% of leases, than in Manhattan (@ 16% of leases).
“Overall, landlords continued to have the upper hand in the city’s rental market during the August ‘busy season.’ Rents climbed across the board in both Manhattan and Brooklyn – and owners reduced their use of move-in incentives,” explained Gary Malin, President of Citi Habitats. “While the vacancy rate is still comparatively low, the resulting uptick in inventory shows just how fragile the market is for renters. If they can wait it out, apartment-seekers may face less daunting conditions in the coming months. In fall, there is traditionally less demand – and more value to be had for tenants.”