[Narrowing the Gap] 7-2013 Manhattan/Brooklyn Rental Report
Posted by Jonathan Miller - Thursday, August 8, 2013, 2:30 PM
Douglas Elliman just published their Manhattan/Brooklyn rental report. 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.
- 25th consecutive month without a year-over-year decline in median rent.
- Rents up slightly year-over-year and showing month over month stability in past several months – rents remain at high level.
- Use of concessions by landlords is scarce – only 3.1% of rentals had some form of concession.
- Days on market and listing discount are showing stability.
- Vacancy remains low despite seasonal rise.
- 3rd consecutive month with year-over-year decline in new rentals, suggesting more lease renewals.
[North, Northwest Regions]
- All rental price indicators showed strong year-over-year gains.
- Although days on market edged higher, listing discount fell sharply – latter indicates landlords are more in sync with market.
- Modest rise in number of new rentals indicate landlords and tenants generally agree on pace of market rise.
- Upper half of market showing larger gains in average rent than lower half.
Here’s an excerpt from the report:
MANHATTAN Manhattan median rental price moved 1.1% higher to $3,042 from the same month last year. Average rental price also posted a modest gain, rising 1.7% to $3,822 over the same period. Average rental price per square foot was unchanged at $50.73. Only 3.1% of rental transactions during the month had some form of landlord concessions. When a concession was provided, it was the equivalent of 1-month free rent, up from 0.8 months free rent in the prior year period…
BROOKLYN Median rental price increased 5.1% to $2,675 from the same period last year. Average rental price expanded 8.2% to $3,035 and average price per square foot increased by 6.4% to $37.66 from the prior year period…
The Elliman Report: 7-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 7-2013 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery (Brooklyn Monthly) [Miller Samuel]
Chart Gallery (Manhattan Monthly) [Miller Samuel]
Chart Gallery (Manhattan Quarterly) [Miller Samuel]