November 2019 Manhattan and Brooklyn Rental Market Report

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• In November 2019, the average monthly rental price for a Manhattan studio was $2,612. For one-bedroom homes, the average was $3,400. For two-bedrooms, the average rent was $4,274.  Finally, the average three-bedroom apartment rented for $5,929.   

• Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,547 per month on average. For Brooklyn one-bedrooms, the average rent was $3,133 – while rents for two- and three-bedrooms clocked in at $4,117 and $5,463 respectively.

• In November, the Manhattan vacancy rate was 1.36% – up from October’s rate of 1.31%.  This is the fifth consecutive month where inventory increased.

• When examining concessions, 27% 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 November 2019 – up slightly from 25% in October. These move-in incentives continued to be much more prevalent in Brooklyn, where they were found on 43% of leases in November 2019 – versus 18% of Manhattan leases during the same period.

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“While the gap may be closing, Brooklyn continues to offer lower rents and more incentives for renters when compared to Manhattan,” explained Gary Malin, President of Citi Habitats.  “In the current price-sensitive market, tenants are seeking affordability.  With Manhattan rents pushed just about as high as they can go, Brooklyn neighborhoods – even those off the beaten path – are proving to be increasingly appealing to many.”

 

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