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.
- Second consecutive year-over-year monthly decline in median rent since June 2011 as summer sales surge poached rental demand.
- Landlord concessions remained nominal, accounting for only 3.7% of new rentals and an average of 1.2 months rental equivalent.
- Despite slip in rents, the number of new rentals continued to rise sharply as tenants sought out greater affordability.
- Vacancy rate remained near 3-year high, but still at historic norms.
- Improving regional economy and higher mortgage rates will keep upward pressure on rental prices.
[North, Northwest Regions]
- Median rent was 3rd highest in 6 years.
- Other than last May, rents have not fallen in 2013.
- New rental activity heavy as tenants continue seek out greater affordability.
- Luxury rental prices outpacing price growth of the overall market.
Here’s an excerpt from the report:
MANHATTAN Median rental price for October fell 1.6% below the same month last year to $3,150. This decline was the second consecutive yearover- year drop, following the September drop that broke the 26 consecutive month record without a decline. Weaker pricing was the result of the sales surge over the summer that pulled demand from the rental market. However the use of landlord concessions remained limited, found in only 3.7% of all new rentals with an average rental equivalent of 1.2 months…
BROOKLYN The rental market continued to show growth with all price indicators above prior year levels. Other than last May, all monthly year-overyear rental price indicators have not declined in 2013. Median rental price rose 6.8% to $2,699 over the prior year quarter. Average rental price and average rental price per square foot posted 12.6% and 25.5% respectively gains over the same period…
The Elliman Report: 10-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 10-2013 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]