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- In April 2019, the average monthly rental price for a Manhattan studio was $2,530. For one-bedroom homes, the average was $3,314. For two-bedrooms, the average rent was $4,300. Finally, the average three-bedroom apartment rented for $5,926.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,475 per month on average. For Brooklyn one-bedrooms, the average rent was $3,033 – while rents for two- and three-bedrooms clocked in at $3,887 and $5,086
- In April, the Manhattan vacancy rate was 1.23% – down from March’s rate of 1.33%. This is the fourth consecutive month where the vacancy rate fell, and the lowest rate we have seen since way back in June 2015 (when 1.13% of apts. were vacant).
- When examining concessions, 32% 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 April –up from 29% in March. These move-in incentives were much more prevalent in Brooklyn, where they were found on 45% of leases, than in Manhattan (@ 22% of leases).
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“Landlords were feeling confident in April. Instability in the sales arena, coupled with the seasonal increase in demand, caused the vacancy rate to fall to the lowest level in nearly four years,” explained Gary Malin, President of Citi Habitats. “As a result, many chose to raise asking rents slightly – but continued to lean on incentives to attract clientele at these new higher prices. With tenants’ budgets stretched to the limit, it’s imperative for owners to offer a sense of value… even in an improving market.”