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- In August 2018, the average monthly rental price for a Manhattan studio was $2,447. For one-bedroom homes, the average was $3,210. For two-bedrooms, the average rent was $4,205. Finally, the average three-bedroom apartment rented for $5,525.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,391 per month on average. For Brooklyn one-bedrooms, the average rent was $2,902 – while rents for two- and three-bedrooms clocked in at $3,923 and $5,769
- In August, the Manhattan vacancy rate was 29% – down from July’s rate of 1.34%. This vacancy rate decline comes after two consecutive months of inventory increases. In total however, the borough’s vacancy rate has fallen over the last 12 months. In August 2017, 1.78% of Manhattan apartments were available for rent.
- When examining concessions, 28% 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 25% in July. But when looking year-over-year, their use is down. In August 2017, 31% of new leases signed included an incentive.
“In August, Manhattan landlords took action. They reversed the recent vacancy rate increases by lowering rents and stepping up their use of incentives,” explained Gary Malin, President of Citi Habitats. “Even small adjustments have a big impact in a price-sensitive marketplace. The owners’ goal was to attract new tenants before the end of summer busy season – and they struck while the iron was hot.”