[1]
Douglas Elliman [2] published the Manhattan/Brooklyn rental report [3] that I author. 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
- Prices fell from year ago levels for the 6th consecutive month.
- Rental prices have essentially remained flat since last summer.
- Median rental price spread between Manhattan and Brooklyn (N. NW regions) was $210, narrowest tracked (since January 2008).
- The use of concessions by landlords nearly doubled and vacancy rate edged higher.
BROOKLYN
[North, Northwest Regions]
- Rental price indicators continued to push higher.
- New rental activity jumped as tenants scrambled for improved affordability at time of lease renewal.
- Price gains in studio and 1-bedrooms as 2-bedroom and 3-bedrooms weakened.
- Marketing times remained largely unchanged but negotiability between tenants and landlords tightened.
Here’s an excerpt from the report:
MANHATTAN For the sixth consecutive month, the year-over-year median rental price fell below the prior year level. Median rental price declined 2.8% to $3,100 from the same month last year. As a result, rental prices have generally remained flat on a monthly basis since last summer. The other price indicators also showed similar declines. Average rental price slipped 0.6% to $3,932 and average rental price per square foot fell 3.7% to $49.70 respectively from the same period last year…
BROOKLYN All rental price indicators continued to post year-over-year gains. Median rental price rose 11.6% to $2,890 from the same period a year ago, marking the ninth consecutive monthly gain. These results outpaced the luxury market, whose median rental price increased 4.5% over the same period. Average rental price expanded 2.6% to $3,178 and average rental price per square foot increased 3% to $38.12 over the same period…
The Elliman Report: 2-2014 Manhattan/Brooklyn Rentals [Miller Samuel [6]]
The Elliman Report: 2-2014 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]]