[High & Moderating] 1-2013 Manhattan/Brooklyn Rental Report

Posted by Jonathan Miller - Wednesday, February 13, 2013, 10:02 AM

Douglas Elliman published the Manhattan/Brooklyn rental report for January 2013. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994. We discontinued the quarterly rental report series but still present the information in our aggregate database.

MANHATTAN

• Modest year-over-year rise in rents for 4th consecutive month, following a rapid 12-month rise.
  
• Pace of rental price growth easing as low mortgage rates pull more buyers into sales market.
  
• Days on market while at fast pace, was slowest since August 2011.
  
• Limited use of landlord concessions remained norm.
  
• Vacancy rates remained low, falling year-over-year for 7th consecutive month.
  
• Luxury markets saw larger gains in rental prices than the overall market.
  
  

BROOKLYN
[North, Northwest Regions]

• Rents flat from same period last year, might be beginning of a period of more modest rental price growth.
  
• Studio activity slowed as more renters showed resistance to rising rents and became first time buyers.
  
• Luxury rents outpaced overall market as purchase demand provided competition with higher affordability despite tight credit conditions.
  
  

Here’s an excerpt from the report:

MANHATTAN …Median rental price increased 2.6% from the same period last year to $3,150. After a 12-month stretch showing a robust 7.5% average year-over-year increase, the most recent four months increased by an average of 1.6%. Average rental price rose 1.6% to $3,794 and average rental price per square foot increased 3.2% to $50.71 over the same period. In a year of limited rental concessions, the year-over-year net effective median monthly rent increased 2.6%, as did face rent…

BROOKLYN …Median rental price was $2,527 in January, showing no material change from the same month last year. Over the same period, average rental price increased 4.6% to $2,958 and average rental price per square foot rose 4.6% to $35.36…

The Elliman Report: 1-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 1-2013 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Miller Samuel Chart Gallery (quarterly rental charts only – monthly coming soon) [Miller Samuel]