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- Last month, the average monthly rental price for a Manhattan studio was $2,363. For one-bedroom homes, the average was $3,193. For two-bedrooms, the average rent was $4,069. Finally, the average three-bedroom apartment rented for $5,420.
- In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,296 per month on average. For Brooklyn one-bedrooms, the average rent was $2,836, while rents for two- and three-bedrooms clocked in at $3,733 and $5,102 respectively.
- In August, the Manhattan vacancy rate fell to 1.78% – from July’s rate of 1.84%. However, last August, the borough’s vacancy rate was lower than this year, at 1.73%.
- When examining concessions, 31% 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 –up from 24% in July. Looking year-over-year, their prevalence increased rather substantially. In August 2016, 19% of leases offered an incentive.
“August is traditionally the busiest month for rentals, and in a competitive market like this one, landlords were smart to ratchet up the use of incentives to drive traffic to their properties,” explained Gary Malin, President of Citi Habitats. “Apartment seekers are increasingly flexible as to what neighborhoods they will live in – but in terms of the apartments themselves, more selective. With a lot of new product out there, they are savvy comparison shoppers. Tenants are not willing to overpay for a prime location, and have come to expect a good deal.”
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