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- In December 2019, rents for Manhattan studios declined – by an average of 2% – when compared to November. However, rents climbed slightly for other apartment categories in the borough. Average pricing increased by just $4 for one-bedroom homes, while rents for two- and three-bedroom units increased 2% and 1%, respectively.
- In Brooklyn, rents were down across the board month-over-month. Pricing for studio, one- and two-bedroom homes all declined 1%, while rents were down 2% for three-bedroom apartments.
- While rents have recently stabilized, pricing has climbed in both communities year-over-year. Overall, rents rose an average of 5% in Manhattan – and 7% in Brooklyn – since December 2018.
- After falling steadily for six straight months (from December 2018 to June 2019), Manhattan’s vacancy rate has been on an upswing. From its low of 1.02% in June, inventory has climbed for the last six months – reaching 1.40% in December.
- However, Manhattan’s vacancy rate remains lower than it was at this time last year. In December 2018, 1.60% of apartments in the borough were vacant.
- The percentage of leases that included a move-in incentive rose to 29% in December, from 27% in November. Year-over-year their use remained stable (they were also found on 29% of leases in December 2018).
- When comparing boroughs, concessions continue to be much more prevalent in Brooklyn. In December, 40% of leases in the borough included an incentive, versus 21% in Manhattan.
“In the short term, conditions for apartment seekers improved as the quarter progressed. If tenants were willing to search for a new home over the holiday season, there were values to be had – comparatively speaking. However, the big picture reveals a different story, as the market has shifted in favor of landlords when compared to a year ago. The ongoing uncertainly in the city’s sales market continues to boost the long-term demand for rentals. When in doubt, people rent.”
– Gary Malin, President of Citi Habitats