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From August to September, rents in Manhattan rose slightly.
- In September, Manhattan rents increased 2% for studio apartments, while they rose 1% for one- and three-bedrooms. Pricing for two-bedroom homes also increased by a minimal amount.
In contrast, overall Brooklyn rents saw minimal declines month-over-month.
- In Brooklyn, average rents for one-, two- and three-bedroom homes all decreased 1% from August to September. However, pricing for studio apartments rose, but by a statistically insignificant amount.
Meanwhile, the Manhattan vacancy rate continued to tick upwards.
In September, 1.94% of Manhattan apartments were vacant, compared to 1.78% in August. September’s rate is the highest we have tracked since February 2017, when 1.98% of units were vacant.
Prevalent move-in incentives in September helped keep rents high.
- During the month, 37% of new leases included some form of move-in incentive, up from 31% in August. In fact, September’s concession percentage is the highest seen since January 2017. The percentage of leases signed with Citi Habitats that include an incentive has topped 20% since September 2016, and has been higher than 10% from October 2015 onwards.
The quarterly data shows increasingly tenant-friendly conditions when compared to Q2.
- In the third quarter of 2017, Manhattan and Brooklyn rents remained generally stable when compared to the one that preceded it. Meanwhile, Manhattan’s vacancy rate climbed to 1.95% from 1.78% in Q2. The percentage of concessions also rose quarter-over-quarter. During the most recent quarter, 30% of leases included one, compared to 26% in Q2.
“Even though rents remain plateaued near all-time highs, there continues to be great value for apartment seekers in today’s market,” said Gary Malin, President of Citi Habitats. “The vacancy rate is the highest it’s been since February, and January was the last time move-in incentives were so prevalent. Price-sensitive tenants are comparison shopping like never before. Throughout the course of 2017, over 15,000 new rental units will have come online in Manhattan and Brooklyn, so renters have plenty of choice.”
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