Douglas Elliman 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

  • Rental price growth was mixed, with median up and average down from year ago levels.
  • On a quarterly basis (report is monthly) median price was highest in 4 years.
  • New rentals slipped suggesting greater tenant/landlord agreement on market conditions.
  • Days on market expanded.
  • Vacancy rate fell from year ago levels as spring rental market pushed later into June.

BROOKLYN
[North, Northwest Regions]

  • After last month’s YoY decline, median rental price had largest jump since August of 2012.
  • New rentals continued to slip suggesting higher tenant acceptance at time of lease renewal.
  • Days on market expanded.
  • Price gains were consistent across all size categories.

Here’s an excerpt from the report:

MANHATTAN Median rental price increased by 1.9% to $3,195 from the same period last year as average rental price and average rental price per square foot slipped 0.8% and 2.2% respectively over the same period. On a quarterly basis, the median rental price of $3,195 is the highest we have seen in four years. The use of landlord concessions remained limited, accounting for only 3.4% of rental transactions with an average amount equivalent to one month’s rent…

BROOKLYN The median rental price in Brooklyn was $2,737, up 13.5% year-over-year, the biggest jump since August 2012. Average rental price and rental price per square foot also showed large gains, surging 13.6% and 9.5% over the same period…




The Elliman Report: 6-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 6-2013 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]


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