Rental_0614

We’ve expanded the Elliman rental report to include Queens this month and added additional metrics for Manhattan and Brooklyn.

MANHATTAN
– Prices increased for 4th consecutive month after year end lull.
– Median rent is at highest point in more than 5 years.
– The vacancy rate was lowest June in 5 years.
– Use of concessions continued to fall, now at nominal levels.
– Marketing times and negotiability continued to fall.
– Luxury market outperformed the overall market.

BROOKLYN
[North, Northwest, East Regions]
– Median rental price up year over year for 13 consecutive months.
– Rents hovering near record highs but have remained stable since beginning of year.
– New rentals surged indicating resistance to price increases at time of renewal.
– Nominal use of concessions by landlords.
– Overall market outperformed luxury market, price growth stronger in smaller units.
– Manhattan-Brooklyn rental price gap remained at $500, more than the $210 record low in February but less than half of 2008 level.

QUEENS
[Northwest Region]
– Median rental price year-over-year slipped after 4 consecutive monthly increases.
– Shift in mix to smaller units (60.2% share of 1-bedrooms) pulling down overall prices.
– Nearly half of the rental stock is located in new development buildings.
– Overall market outperformed luxury market, price growth stronger in smaller units.
– Marketing time slipped as listing discount remained nominal.


The Elliman Report [Miller Samuel]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery [Miller Samuel]


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