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- When looking at the most recent data for June, we found that month-over-month, rents rose for all apartment categories in both Manhattan and Brooklyn.
- Rents also climbed across the board in both boroughs year-over-year. Overall, rents rose an average of 7% in Manhattan – and 5% in Brooklyn – since June 2018.
- In June, the vacancy rate fell to 1.02% – from 1.08% in May. In fact, the last time there was less inventory available for rent was in June 2012 (exactly seven years ago), when the vacancy rate dipped to 1.01%
- The rate is also lower than it was at this time last year. In June 2018, 1.32% of apartments in the borough were vacant.
- The percentage of leases that included a move-in incentive fell to 25% in June, from 28% in May. Year-over-year, their use also declined (from 27% in June 2018).
- When comparing boroughs, concessions continue to be much more prevalent in Brooklyn. In June, 39% of leases in the borough included an incentive, versus 17% in Manhattan.
“The summer season is in full swing, and rental housing is in strong demand. The vacancy rate has fallen for six consecutive months, and has reached a seven-year low. While their use is down considerably, move-in concessions remain an important tool in this busy, but price-sensitive, marketplace. They are an effective way for owners to keep their face rents high, while still providing a sense of ‘value’ to apartment-seekers.”
- Gary Malin, President of Citi Habitats
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