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[Upside] 8-2013 Manhattan/Brooklyn Rental Report

Posted By Jonathan Miller On September 12, 2013 @ 11:28 am In Brooklyn,Douglas Elliman,Elliman Reports,Manhattan,Rentals, Investing | 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

  • 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.

BROOKLYN
[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 [6]]
The Elliman Report: 8-2013 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/upside-8-2013-manhattanbrooklyn-rental-report/

URLs in this post:

[1] Image: http://www.millersamuel.com/files/2013/09/Rental_0813.jpg

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

[3] Manhattan/Brooklyn rental report: http://www.elliman.com/reports-and-guides/reports/new-york-city/august-2013-manhattan-and-brooklyn-rentals/2-448

[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-8-2013

[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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