April 2017 Manhattan and Brooklyn Rental Market Report

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Additional relevant findings of the April 2017 Citi Habitats rental report are outlined below.  Please note: as of August 2016, our firm now tracks average and median monthly rents for 14 Brooklyn neighborhoods.

• In April 2017, the average monthly rental price for a Manhattan studio was $2,342. For one-bedroom homes, the average was $3,154.  For two-bedrooms, the average rent was $4,127.  Finally, the average three-bedroom apartment rented for $5,354.

In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,267 per month on average.  For Brooklyn one-bedrooms, the average rent was $2,851, while rents for two- and three-bedrooms clocked in at $3,732 and $5,049, respectively.

• The most expensive Manhattan neighborhood for renters in April 2017 was SoHo/TriBeCa, with a median rent of $5,997.  Gramercy/Flatiron was the second- priciest area – with a median rent of $4,535.

   For Brooklyn, DUMBO was the most expensive neighborhood in April, with a median rent of $4,675, followed by Downtown Brooklyn, where the median rent was $3,595

• Manhattan rents were lowest in April 2017 in Washington Heights, with a median rent of $2,275.  When examining neighborhoods below 96^th Street, The Lower East Side was the least expensive neighborhood for renters with a median rent of $3,135.

   Bedford-Stuyvesant, with a median April rent of $2,450, was the least-expensive Brooklyn neighborhood tracked in our report – followed by Bushwick, where the median rent was $2,590.

• With a vacancy rate of 1.36%, Gramercy was the Manhattan area with least inventory in April 2017, followed by SoHo/TriBeCa at 1.42%.  On the other end of the spectrum, the vacancy rate was highest in the West Village.  Last month, 2.18% of rental units in the neighborhood were vacant.  Chelsea had second-highest percentage of available homes, with a vacancy rate of 2.13%. 

“In April, we noted three positive signs for landlords,” explained Gary Malin, President of Citi Habitats.  “Although their rise slowed when compared March, rents continued to hold steady – and were up slightly overall.  Meanwhile, the Manhattan vacancy rate declined to the lowest level since August of last year, while the percentage of leases that offered a concession also fell. We are beginning to enter a traditionally busy time of year, so it will be interesting to see if market conditions continue to shift as we enter summer.”

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