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

– 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.

BROOKLYN[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]