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.
- Rents continue to press higher. 2013 annual growth on par with 2012.
- Rate of rental price growth consistent across all unit sizes.
- Limited use of landlord concessions remain.
- Vacancy rate below 5-year average, same as year ago.
- Stabilizing number of new rentals suggest more balance between landlords and existing tenants.
[North, Northwest Regions]
- After a fast start in 2013, rental price growth slowed – not clear if a trend.
- Declining days on market in new year reflects quick pace.
- Number of new rentals continued to slow.
- Tight mortgage lending conditions keeping pressure on rental market.
- Slow improvement in regional economy keeping rents rising despite record low mortgage rates.
Here’s an excerpt from the report:
MANHATTAN…Median rental price jumped 6.5% to $3,195 from the same period last year, but was unchanged from the prior month. The average year-over-year increase in median rental price has been rising since the beginning of 2013 averaging 5.1% year to date. The average rate of rental price growth is consistent with the 2012 average rate of 5.3%. The year-over-year increase in median rental price across all size categories was remarkably consistent in April…
BROOKLYN…The number of new rentals increased 10.9% above prior year levels, the third lowest annual increase in a year. This metric can be seen as a barometer of tenant resistance to lease renewal rates offered by landlords. Lower new rental growth reflects more tenants re-signing their leases at renewal. After an aggressive series of rental price increases in 2012, landlords have been easing rate increases and tenants have better adjusted to the high rent environment…
The Elliman Report: 4-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 4-2013 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]