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.
- Rising interest rates, an improving economy and tight credit are placing upward pressure on rental prices.
- Rents continued to show modest gains.
- 26th consecutive month without a year-over-year decline in median rent.
- Nominal use of concessions by landlords remain in place.
- Rise in number of new rentals reflect resistance to rising rents at time of renewal.
- Vacancy rate edged up from year ago levels as this year’s spring market demand pushed later into summer than last year.
[North, Northwest Regions]
- Rents continue to rise faster in Brooklyn than Manhattan.
- Highest median rental price in over five years.
- After a brief respite in early summer, renewed resistance to rising rents as evidenced by jump in the number of new rentals.
- Days on market and listing discount fell.
- 2-bedrooms showed biggest year-over-year gain of all size categories.
Here’s an excerpt from the report:
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…
The Elliman Report: 8-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 8-2013 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]