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- In July 2019, the average monthly rental price for a Manhattan studio was $2,617. For one-bedroom homes, the average was $3,434. For two-bedrooms, the average rent was $4,408. Finally, the average three-bedroom apartment rented for $5,927.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,538 per month on average. For Brooklyn one-bedrooms, the average rent was $3,142 – while rents for two- and three-bedrooms clocked in at $4,159 and $5,383 respectively
- In July, the Manhattan vacancy rate was 1.11% – up from June’s rate of 1.02%. This is the first time the vacancy rate has increased – after falling steadily for six consecutive months.
- When examining concessions, 26% 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 July – up slightly from 25% in June. These move-in incentives continued to be much more prevalent in Brooklyn, where they were found on 42% of leases, than in Manhattan (@ 19% of leases).
“Rents in Manhattan and Brooklyn climbed to new heights in July. However, this higher pricing caused an uptick in the vacancy rate, which is unusual for summer,” explained Gary Malin, President of Citi Habitats. “In the interest of affordability, many renters became more flexible in terms of neighborhood, or postponed their search to when conditions will be more tenant-friendly. With tenants’ budgets stretched to the limit, even the smallest rent increases can have a big impact.”