January 2019 Manhattan and Brooklyn Rental Market Report

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• • In January 2019, the average monthly rental price for a Manhattan studio was $2,457. For one-bedroom homes, the average was $3,159.  For two-bedrooms, the average rent was $4,284.  Finally, the average three-bedroom apartment rented for $5,573.
• Brooklyn studio apartments (in the 14 neighborhoods studied) rented for$2,420 per month on average.  For Brooklyn one-bedrooms, the average rent was $2,868 – while rents for two- and three-bedrooms clocked in at $3,763 and$4,755 respectively.
• • In January, the Manhattan vacancy rate was 1.52% – down from December’s rate of 1.60%.  This is the first time in 4 months thaBe vacancy rate has declined.
  • When examining concessions, 33% 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 January – up from 29% in December.  These move-in incentives were much more prevalent in Brooklyn – where they were found on a full 52% of leases, than in Manhattan (@ 25% of leases).

“Landlords ramped up their use of incentives – and in some cases, lowered asking rents – in order to capitalize on the post-holiday increase in apartment seekers,” explained Gary Malin, President of Citi Habitats. “These strategies paid off.  In January, market activity increased and the vacancy rate fell, reversing four consecutive months of increases.”

 

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