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- In May 2019, the average monthly rental price for a Manhattan studio was $2,543. For one-bedroom homes, the average was $3,316. For two-bedrooms, the average rent was $4,322. Finally, the average three-bedroom apartment rented for $5,933.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,512 per month on average. For Brooklyn one-bedrooms, the average rent was $3,050 – while rents for two- and three-bedrooms clocked in at $3,974 and $5,163
- In May, the Manhattan vacancy rate was 1.08% – down from April’s rate of 1.23%. This is the fifth consecutive month where the vacancy rate fell, and the lowest rate we have seen since back in May 2015 (when 1.07% of apts. were vacant).
- When examining concessions, 28% 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 May –down from 32% in April. These move-in incentives continue to be much more prevalent in Brooklyn, where they were found on 40% of leases, than in Manhattan (@ 19% of leases).
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“May was a comparatively strong month for building owners. Rental housing was in demand – due, in part, to an influx of students and new grads – as well as would-be buyers who have taken a ‘wait and see’ approach to the city’s sales market,” explained Gary Malin, President of Citi Habitats. “Landlords have been quick to capitalize on the favorable shift in conditions. Rents have been inching upward, while concessions continue to fall away. If current trends continue, tenants will face a more challenging market this summer than they have seen in years.”