Real estate brokerage Citi Habitats released its Rental Market Analysis for May 2019, which explains where you can find the most expensive and most affordable apartments in New York City.
The report also shows that although the rent has risen for both Manhattan and Brooklyn, the vacancy rate has continued to fall, which can make finding a place hard to do this summer. In a press release Gary Malin, President of Citi Habitats said that “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.”
From April to May, the rate of rent has increased by at least 1 percent in both Brooklyn and Manhattan. Malin also added that “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.” Which begs the questions, what areas should renters avoid, and where should they look for an apartment?
This study found that the most expensive places to live in Manhattan are SoHo/TriBeCa, followed by the Gramercy/Flatiron. The most affordable areas in Manhattan are Washington Heights and the Upper East side below 96th street.
The most expensive neighborhood in Brooklyn is DUMBO, whereas the most affordable areas include Bedford-Stuyvesant and Crown Heights, followed closely by Bushwick.
Curious about the average rental rate in Manhattan and Brooklyn? The study shows that in May 2019 on average, the rates for apartments in Manhattan are as follows: $2,543 for a studio, $3,316 for a one-bedroom, $4,322 for a two-bedroom apartment and finally for a three-bedroom apartment $5,933.
For Brooklyn, the average rent for a studio apartment is $2,512, for one-bedroom $3,050, two-bedroom $3,974 and for a three-bedroom, $5,163.