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- The report found that when compared to July, Manhattan rents decreased in August for all apartment sizes absent 3-bedroom homes.
- The average monthly rental price for a Manhattan studio was $2,318. For one-bedroom homes, the average was $3,032. For two-bedrooms, the average rent was $4,034. Finally, the average three-bedroom apartment rented for $5,333.
- In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) were more expensive than their Manhattan counterparts – at $2,364 per month. For Brooklyn one-bedrooms, the average rent was $2,901, while rents for two- and three-bedrooms clocked in at $3,750 and $4,848, respectively.
- The Manhattan vacancy fell to 1.73% from July’s rate of 1.92%. This reverses the recent trend of climbing vacancy rates (despite the summer busy season) and is the lowest Manhattan vacancy rate since September of last year (when it was 1.62%).
- When examining concessions, 19% 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 August – unchanged from July.
“In August, Manhattan rents continued to fall, and concessions remained relatively prevalent, which is the opposite of what we typically see during the month,” explained Gary Malin, President of Citi Habitats. “The simple fact is the rental market was overheated and due for a correction – nothing extreme, but enough to get landlords and would-be tenants back on the same page. It all comes down to pricing. Judging by the vacancy rate’s decline in August, owners are taking the right steps to move inventory – and increase demand for Manhattan apartments. ”
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