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- In January 2020, the average monthly rental price for a Manhattan studio was $2,635. For one-bedroom homes, the average was $3,424. For two-bedrooms, the average rent was $4,507. Finally, the average three-bedroom apartment rented for $6,217.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,571 per month on average. For Brooklyn one-bedrooms, the average rent was $3,114 – while rents for two- and three-bedrooms clocked in at $4,096 and $5,438
- The most expensive Manhattan neighborhood for renters in January was SoHo/TriBeCa with a median rent of $6,250. Chelsea was the second- priciest area – with a median rent of $5,735.
- For Brooklyn, DUMBO was the most expensive neighborhood in January, with a median rent of $5,710 – followed by Brooklyn Heights, where the median rent was $4,800 per month.
- Manhattan rents were lowest in January 2020 in Washington Heights, with a median rent of $2,020. When examining neighborhoods below 96th Street, the Lower East Side was the least-expensive neighborhood for renters, with a median rent of $3,100.
- Bushwick, with a median January rent of $2,600, was the least-expensive Brooklyn neighborhood tracked in our report, followed by Bedford-Stuyvesant – where the median rent was $2,615.
- With a vacancy rate of 99%, SoHo/TriBeCa was the Manhattan neighborhood with least inventory in January 2020, followed by the East Village at 1.04%. On the other end of the spectrum, the vacancy rate was highest in Chelsea (at 1.63%) and the West Village (at 1.52%).
“Activity in the city’s rental market increased during January, due in part, to pent-up demand from the holiday season. Many New Yorkers waited until the new year to search for a home,” explained Gary Malin, Chief Operating Officer of The Corcoran Group. “However, tenants remain price-sensitive; so many owners chose to offset higher rents with a move-in incentive. With pricing near record highs, the current rental market is a ‘zero sum’ game. ”