- Miller Samuel Real Estate Appraisers & Consultants - https://www.millersamuel.com -

[New, Improved, Expanded] 9-2012 Manhattan/Brooklyn Rental Report

[1]

We created and published a new report on the Manhattan rental market for 9-2012 [1]. ┬áThis is part of an evolving market report series I’ve been writing for Douglas Elliman [2] since 1994.

New Features

-Includes both Manhattan and Brooklyn (North/Northwest)
-Monthly release.
-Vacancy Rates (Manhattan only)
-Breakdown of the four Manhattan regions by number of bedrooms
-We’ve added a “Super-Luxury” rental category for the top 5% of Manhattan.

-Both reports are a work in progress – we’ll continue to lavish attention on new features over the coming months.

Key Points

-Rental market remains tight as credit keeps some out of purchase market and supply isn’t elastic enough to meet demand.
-Strong employment growth is fueling rental market, which responds more quickly to job gains.

MANHATTAN

BROOKLYN
[North, Northwest Regions]

Here’s an excerpt from the report:

…Two significant drivers of rental demand over the past year have been the tight lending conditions and the improving local economy, namely employment levels. Perhaps the most consequential factor to date has been the tight mortgage underwriting standards. Banks remain risk-adverse, and lending standards have yet to ease since the fall of Lehman Brothers. This has held many would-be buyers in the rental market, especially with mortgage rates continuing to fall and reaching record-low levels throughout most of 2012. However, falling mortgage rates have made lenders even more adverse to risk. This lower tenant mobility has tightened the conditions of the rental market, laying the pressure on rents…

You can build your own custom data tables [3] on the Manhattan rental market using quarterly data – our new monthly format will be available online shortly and will be phasing in monthly charts to our rental chart gallery [4] soon.




The Elliman Report: 9-2012 Manhattan Rentals [Miller Samuel [1]]
The Elliman Report: 9-2012 Manhattan Rentals [Prudential Douglas Elliman [5]]