Douglas Elliman published the Manhattan/Brooklyn rental report that I author. 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.
- Prices fell from year ago levels for the 6th consecutive month.
- Rental prices have essentially remained flat since last summer.
- Median rental price spread between Manhattan and Brooklyn (N. NW regions) was $210, narrowest tracked (since January 2008).
- The use of concessions by landlords nearly doubled and vacancy rate edged higher.
[North, Northwest Regions]
- Rental price indicators continued to push higher.
- New rental activity jumped as tenants scrambled for improved affordability at time of lease renewal.
- Price gains in studio and 1-bedrooms as 2-bedroom and 3-bedrooms weakened.
- Marketing times remained largely unchanged but negotiability between tenants and landlords tightened.
Here’s an excerpt from the report:
MANHATTAN For the sixth consecutive month, the year-over-year median rental price fell below the prior year level. Median rental price declined 2.8% to $3,100 from the same month last year. As a result, rental prices have generally remained flat on a monthly basis since last summer. The other price indicators also showed similar declines. Average rental price slipped 0.6% to $3,932 and average rental price per square foot fell 3.7% to $49.70 respectively from the same period last year…
BROOKLYN All rental price indicators continued to post year-over-year gains. Median rental price rose 11.6% to $2,890 from the same period a year ago, marking the ninth consecutive monthly gain. These results outpaced the luxury market, whose median rental price increased 4.5% over the same period. Average rental price expanded 2.6% to $3,178 and average rental price per square foot increased 3% to $38.12 over the same period…
The Elliman Report: 2-2014 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 2-2014 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]