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

Posted By Jonathan Miller On August 8, 2013 @ 2:30 pm In Brooklyn,Douglas Elliman,Elliman Reports,Manhattan | Comments Disabled

[1]

Douglas Elliman [2] just published their Manhattan/Brooklyn rental report [3]. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman [4] since 1994. We discontinued the quarterly rental report series but still present the information in our aggregate database [5].

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 [6]]
The Elliman Report: 7-2013 Manhattan/Brooklyn Rentals [Douglas Elliman [3]]
Miller Samuel Aggregate Database [Miller Samuel [5]]
Chart Gallery (Brooklyn Monthly) [Miller Samuel [7]]
Chart Gallery (Manhattan Monthly) [Miller Samuel [8]]
Chart Gallery (Manhattan Quarterly) [Miller Samuel [9]]


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URL to article: http://www.millersamuel.com/narrowing-the-gap-7-2013-manhattanbrooklyn-rental-report/

URLs in this post:

[1] Image: http://www.millersamuel.com/files/2013/08/Rental_0713.jpg

[2] Douglas Elliman: http://www.elliman.com

[3] Manhattan/Brooklyn rental report: http://www.elliman.com/reports-and-guides/reports/new-york-city/july-2013-manhattan-and-brooklyn-rentals/2-447

[4] Douglas Elliman: http://www.elliman.com/marketreports/

[5] aggregate database: http://aggregate-data.millersamuel.com

[6] Miller Samuel: http://www.millersamuel.com/reports/elliman-report-manhattanbrooklyn-rentals-7-2013

[7] Miller Samuel: http://www.millersamuel.com/charts-category/brooklyn-rentals-monthly

[8] Miller Samuel: http://www.millersamuel.com/charts-category/manhattan-rentals-monthly

[9] Miller Samuel: http://www.millersamuel.com/charts-category/manhattan-rental-mkt-char

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