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- In February 2018, the average monthly rental price for a Manhattan studio was $2,324. For one-bedroom homes, the average was $3,205. For two-bedrooms, the average rent was $3,974. Finally, the average three-bedroom apartment rented for $5,360.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,290 per month on average. For Brooklyn one-bedrooms, the average rent was $2,765, while rents for two- and three-bedrooms clocked in at $3,556 and $4,781 respectively.
- In February, the Manhattan vacancy rate fell to 1.74% – from January’s rate of 1.91%. This marks the third consecutive month of vacancy rate declines. In addition, February’s rate is the lowest the borough has experienced since June 2017 (8 months ago).
- When examining concessions, 46% 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 February – up from 43% in January. These incentives remain remarkably high – and while they are most common on high-end product, they can be found on both new construction units and re-rentals alike.
“Landlords are taking a proactive approach to temper resistance to current rents,” explained Gary Malin, President of Citi Habitats. “Through moderation in pricing and the continued use of concessions, they have been able to consistently reduce vacancy rates – while providing attractive opportunities for apartment seekers.”