Elliman Report: Manhattan/Brooklyn Rentals 8-2013
September 12, 2013
MANHATTAN The Manhattan median rental price
increased by 1.8% to $3,150 from the
same month last year. The last time this
metric posted a decline was in June 2011,
resulting in an unprecedented 26-month
run. The average rental price increased
7.8% to $3,860 over the same period.
Concessions from landlords continue to
be rare with only 2.5% of all new rentals
having some form of rewards, averaging
the equivalent of 1 month of free rent.
BROOKLYN All rental price
indicators showed year-over-year gains.
Median rental price increased by 4.6% to
$2,850 from the same month last year,
reaching record highs in over 5-year
period. The year-over-year average gain
of this price metric during this period
was at 3.4%. Average rental price and
average rental price per square foot both
increased 3.6% and 6.9% respectively
from the same period last year.
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