October 2018 Manhattan and Brooklyn Rental Market Report

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• Last month, the average monthly rental price for a Manhattan studio was$2,496. For one-bedroom homes, the average was $3,249.  For two-bedrooms, the average rent was $4,361.  Finally, the average three-bedroom apartment rented for $5,621.
• Brooklyn studio apartments (in the 14 neighborhoods studied) rented for$2,411 per month on average.  For Brooklyn one-bedrooms, the average rent was $2,892 – while rents for two- and three-bedrooms clocked in at $3,680 and$5,257 respectively.
• In October, the Manhattan vacancy rate was 1.44% –  up from September’s rate of 1.36%.  This is the second consecutive month of vacancy rate increases – and marks the most available inventory on the rental market since April.
• When examining concessions, 29% 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 October – up from 27% in September.

“The seasonal fall slowdown has begun – and will likely continue as we enter the holiday season,” explained Gary Malin, President of Citi Habitats. “Now is a great time to be in the market for a new rental apartment, especially at the higher end of the pricing spectrum.  With rising inventory, many owners are being generous with concessions – especially in luxury new developments.  If you can act before the end of the year, the move-in gift offered by your new landlord could be the best one you receive all year.”

 

Posted In: New York City Market Reports, New York City Neighborhood News
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