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- In October 2019, the average monthly rental price for a Manhattan studio was $2,628. For one-bedroom homes, the average was $3,442. For two-bedrooms, the average rent was $4,392. Finally, the average three-bedroom apartment rented for $5,972.
· Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,568 per month on average. For Brooklyn one-bedrooms, the average rent was $3,122 – while rents for two- and three-bedrooms clocked in at $4,109 and $5,530 respectively.
· In October, the Manhattan vacancy rate was 1.31% – up from September’s rate of 1.27%. This is the fourth consecutive month where inventory increased.
· When examining concessions, 25% 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 – down slightly from 27% in September. These move-in incentives continued to be much more prevalent in Brooklyn, where they were found on 41% of leases, than in Manhattan (@ 15% of leases).
“October’s rental market statistics still outperformed those from the same period last year,” explained Gary Malin, President of Citi Habitats. “Given the fears of a potential recession and the continued headwinds faced by the sales market, renting remains the ‘safe bet’ for many. However, renters are price sensitive and they are doing their research. With the holiday season approaching, landlords will likely need to add value – through rent adjustments or increased incentives – to drive traffic to their properties versus the competition.”