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- In November, the average monthly rental price for a Manhattan studio was $2,374. For one-bedroom homes, the average was $3,260. For two-bedrooms, the average rent was $4,042. Finally, the average three-bedroom apartment rented for $5,470.
- Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,257 per month on average, 5% less than Manhattan. For Brooklyn one-bedrooms, the average rent was $2,730 (19% less than Manhattan), while rents for two- and three-bedrooms clocked in at $3,559 and $4,877 respectively (14% and 12% less than across the river).
- In November, the Manhattan vacancy rate rose to 2.14% – from October’s rate of 2.02%. In fact, November’s vacancy rate is the highest the borough has experienced since April 2009 (over 8 years ago), when the rate hit 2.28%.
- When examining concessions, 51% 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 November – up substantially from 36% in October. December 2009 (almost 8 years ago) was the last time the use of incentives was as prevalent – when 59% of leases included one.
“While historically concessions increase as we enter winter, we haven’t seen them this prevalent since the depths of the ‘Great Recession,’” explained Gary Malin, President of Citi Habitats. “While there is still demand, the market remains price-sensitive. Even with these incentives, Manhattan’s vacancy rate is the highest it’s been in over 8 years. This illustrates the widening gap between what tenants are able to pay, versus the rents that landlords want to achieve.”
