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Brooklyn

[Upside] 8-2013 Manhattan/Brooklyn Rental Report

September 12, 2013 | 11:28 am | delogo | Charts |

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.

MANHATTAN

  • Rising interest rates, an improving economy and tight credit are placing upward pressure on rental prices.
  • Rents continued to show modest gains.
  • 26th consecutive month without a year-over-year decline in median rent.
  • Nominal use of concessions by landlords remain in place.
  • Rise in number of new rentals reflect resistance to rising rents at time of renewal.
  • Vacancy rate edged up from year ago levels as this year’s spring market demand pushed later into summer than last year.

BROOKLYN
[North, Northwest Regions]

  • Rents continue to rise faster in Brooklyn than Manhattan.
  • Highest median rental price in over five years.
  • After a brief respite in early summer, renewed resistance to rising rents as evidenced by jump in the number of new rentals.
  • Days on market and listing discount fell.
  • 2-bedrooms showed biggest year-over-year gain of all size categories.

Here’s an excerpt from the report:

MANHATTAN The Manhattan median rental price increased by 1.8% to $3,150 from the same month last year. The last time this metric posted a decline was in June 2011, resulting in an unprecedented 26-month run. The average rental price increased 7.8% to $3,860 over the same period. Concessions from landlords continue to be rare with only 2.5% of all new rentals having some form of rewards, averaging the equivalent of 1 month of free rent…

BROOKLYN All rental price indicators showed year-over-year gains. Median rental price increased by 4.6% to $2,850 from the same month last year, reaching record highs in over 5-year period. The year-over-year average gain of this price metric during this period was at 3.4%. Average rental price and average rental price per square foot both increased 3.6% and 6.9% respectively from the same period last year…




The Elliman Report: 8-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 8-2013 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]


[Three Cents Worth #246 NY] Considering Manhattan as a Boom Town

September 11, 2013 | 1:47 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

I thought I’d present some metrics across all all five boroughs to show a little context to Manhattan. This chart trifecta shows market dollar volume, change in sales and change in prices by borough since 2004…

[click to expand chart]

 


My latest Three Cents Worth column on Curbed: Considering Manhattan as a Boom Town [Curbed]

Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
Three Cents Worth Archive Curbed Hamptons

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[Three Cents Worth NY #241] Brooklyn Prices Closing Gap With Manhattan

August 14, 2013 | 2:48 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

After last week’s release of our rental report for Manhattan and Brooklyn and with all the talk about the gap between the boroughs closing, I thought I’d revisit the topic and add the sales market to the rental mix…

As an added bonuses, notice all the troll commentary in this post. I’m noticing there is more of this as the market rises.

[click to expand chart]

 


My latest Three Cents Worth column on Curbed: Brooklyn Prices Closing Gap With Manhattan [Curbed]

Three Cents Worth Archive Curbed NY Three Cents Worth Archive Curbed DC Three Cents Worth Archive Curbed Miami

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Our Rental Market Report Makes Cover of New York Post

August 13, 2013 | 10:23 am | delogo |

I thought the dog days of August would result in little interest in the state of the NYC rental market. With the release of July Manhattan/Brooklyn report we prepare for Douglas Elliman last Thursday, I was clearly wrong.

In addition to the coverage of the report on Thursday, a New York Post cover page story screamed about the high cost of Brooklyn rentals using our research the next day (Friday). Of course we had to share the page evenly with the Facebook Killer, but hey, it’s the New York Post we all love.

Does any other US housing market rival New Yorker’s infatuation with real estate?

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[Narrowing the Gap] 7-2013 Manhattan/Brooklyn Rental Report

August 8, 2013 | 2:30 pm | delogo | Reports |

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.

MANHATTAN

  • 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.

BROOKLYN
[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]


[Rentalogic] 6-2013 Manhattan/Brooklyn Rental Report

July 11, 2013 | 10:08 pm | delogo | Reports |

Douglas Elliman 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.

MANHATTAN

  • Rental price growth was mixed, with median up and average down from year ago levels.
  • On a quarterly basis (report is monthly) median price was highest in 4 years.
  • New rentals slipped suggesting greater tenant/landlord agreement on market conditions.
  • Days on market expanded.
  • Vacancy rate fell from year ago levels as spring rental market pushed later into June.

BROOKLYN
[North, Northwest Regions]

  • After last month’s YoY decline, median rental price had largest jump since August of 2012.
  • New rentals continued to slip suggesting higher tenant acceptance at time of lease renewal.
  • Days on market expanded.
  • Price gains were consistent across all size categories.

Here’s an excerpt from the report:

MANHATTAN Median rental price increased by 1.9% to $3,195 from the same period last year as average rental price and average rental price per square foot slipped 0.8% and 2.2% respectively over the same period. On a quarterly basis, the median rental price of $3,195 is the highest we have seen in four years. The use of landlord concessions remained limited, accounting for only 3.4% of rental transactions with an average amount equivalent to one month’s rent…

BROOKLYN The median rental price in Brooklyn was $2,737, up 13.5% year-over-year, the biggest jump since August 2012. Average rental price and rental price per square foot also showed large gains, surging 13.6% and 9.5% over the same period…




The Elliman Report: 6-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 6-2013 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]


[Help From Brooklyn] 2Q 2013 Queens Report

July 11, 2013 | 9:41 pm | delogo | Reports |

Douglas Elliman just published the market report on the Queens sales market that we author. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Inventory remained at 8-year low.
  • Sales increased causing fastest absorption rate in 5-years.
  • Upward price pressure from lack of supply is apparent.
  • Market benefiting from Manhattan and Brooklyn market tightness.

Here’s an excerpt from the report:

…Despite the continued trend of declining supply, the Queens housing market experienced an increase in sales resulting in the fastest pace seen in 5 years. Listing inventory fell 28.9% to 6,225 from the prior year quarter, the lowest quarterly inventory recorded in the 8 years of this report series. The number of sales expanded 8.1% to 2,493 sales from the prior year quarter. The combination of falling supply and rising demand resulted in an 6-year record low absorption rate or market pace of 7.5 months, measured by the number of months it took to sell all inventory at the current rate of sales. The lack of supply is beginning to reveal upward price pressure in the market…

Our data tables and market charts are now updated with 2Q13 data.

Press coverage




The Elliman Report: 2Q 2013 Queens Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Queens Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Queens Market Charts [Miller Samuel]

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[Plan B] 2Q 2013 Brooklyn Report

July 11, 2013 | 9:13 pm | delogo | Reports |

We just published our report on the Brooklyn sales market. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Inventory falls to lowest second quarter in 5-years.
  • Inventory holding back further gains in sales.
  • Price indicators set 10-year records.
  • Faster marketing times and less negotiability between buyers and sellers.
  • New development market share remains consistent with 4-year average.
  • Mortgage lending remains tight but general economy is improving.

Here’s an excerpt from the report:

…The low inventory phenomenon continued through the Brooklyn spring market in 2013, driving the price indicators higher. Listing inventory hit the record low second quarter at 4,704, down 18.5% from the same period last year. This was also the third lowest quarterly inventory total in the five years we have been tracking this metric. The number of sales declined by 6.7% to 1,855 from the prior year quarter, restrained by limited supply. As inventory fell faster than sales, the pace of the market accelerated. The monthly absorption rate, defined as the number of months it took to sell all listing inventory at the current pace of sales, fell to 7.6 months from 8.7 months in the prior-year quarter…

You can build your own custom data tables and view market charts, now updated with 2Q 13 data.

Press coverage


The Elliman Report: 2Q 2013 Brooklyn Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Brooklyn Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Brooklyn Sales Market Charts [Miller Samuel]

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[Strong, But Mixed Messages] 5-2013 Manhattan/Brooklyn Rental Report

June 12, 2013 | 3:05 pm | delogo | Reports |

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.

MANHATTAN

  • Improving economy and tight credit keeping pressure on rental prices.
  • Median rent continued to rise, was 3.5% above year ago levels.
  • Nearly 2 years since rents began to rise again, averaging a 5% annualized pace since.
  • New rentals fell as less “tenant churn” reflected more agreement between landlord and tenants at lease renewal.
  • Vacancy rate down sharply to 1.60% from year ago rate of 2.51%.
  • Only 4.4% of rental activity had some form of landlord concession.

BROOKLYN
[North, Northwest Regions]

  • Median rental price declined 3% YoY, second consecutive month of weaker rental prices from March peak.
  • Despite rental rate volatility, rents trending upward since late 2010, using 90-day moving average.
  • Days on market showed nominal 2 day increase to 44 days from a year ago.
  • Number of new rentals jumped 23.5% after trending lower since beginning of year.
  • Studio and 1-bedroom rental market share fell 2.2% as low mortgage rates pulled tenants into sales market.
  • After 2 years of growth, annual pace of rental price growth show some signs of easing.

Here’s an excerpt from the report:

MANHATTAN The year-overyear increase in median monthly rents have pressed higher since July 2011, averaging a 5% annual pace. The Manhattan median monthly rent was $3,200, up 3.5% from the same period last year. Average rent expanded at a similar pace, rising 3.2% to $3,951, just shy of the $4,000 threshold and the 7th highest monthly level in 60 months. The occurrence of rental concessions remained limited, with only 4.4% of all new rentals having some form applied. When concessions were used, they were the equivalent of 1.2 months rent…

BROOKLYN The Brooklyn median rent slipped 3% to $2,579 from the same period last year. After reaching a year-to-date 2013 peak rate increase of 11.3% in March and a 1% rate increase in April, the rate decreased in May to the lowest level of the year. Rental price growth has remained volatile monthto- month, but when using a 90-day moving average, rent growth has been maintained since late 2010…




The Elliman Report: 5-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 5-2013 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]


BBC TV On Brooklyn’s Soaring Market

May 29, 2013 | 2:16 pm | Videos |


[click to play]

The word “bubble” is returning to the real estate conversation. Here’s a BBC clip on the rapid rebound in the Brooklyn housing market.

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