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- In April 2018, the average monthly rental price for a Manhattan studio was $2,355. For one-bedroom homes, the average was $3,180. For two-bedrooms, the average rent was $3,981. Finally, the average three-bedroom apartment rented for $5,355.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,320 per month on average. For Brooklyn one-bedrooms, the average rent was $2,828, while rents for two- and three-bedrooms clocked in at $3,625 and $4,835 respectively.
- In April, the Manhattan vacancy rate fell to 1.44% – from March’s rate of 1.63%. This marks the fifth consecutive month of vacancy rate declines. In addition, April’s rate is the lowest the borough has experienced since August 2015. (just over 2.5 years ago).
- When examining concessions, 26% 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 April – down from 35% in March. While still relatively common, the use of move-in incentives has dropped considerably over the last two months. In February of this year, they were found on a full 46% of new leases.
“Apartment seekers have been out in full-force. We are experiencing increased traffic across our new development sites – even at the luxury end of the market,” explained Gary Malin, President of Citi Habitats. “Although rents have remained relatively stable, landlords are in a better financial position because they are no longer being as generous with move-in incentives. However, it’s not all bad news for tenants. There are still deals to be found if they are open to comparison shopping between buildings and neighborhoods.”