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.
- Rental price growth has accelerated since the beginning of the year.
- Vacancy rate fell to a 2 year low.
- Rise in rents has been consistent across all apt sizes.
- Mortgage credit remains tight, employment rising, keeping upward pressure on rents.
[North, Northwest Regions]
- Rental price growth accelerating over the last two months.
- Smaller apartments saw larger increases in rental price and the number of new rentals.
-Luxury market saw weaker price gains than overall market.
- Rise in new rental activity more modest than in recent months, sign of rising frequency of renewals.
Here’s an excerpt from the report:
MANHATTAN…For the past three months, median rent has increased yearover- year. The percentage changes for January, February and March 2013 were 2.6%, 4.7% and 6.7% after bottoming at 0.8% in December of 2012. The March 2013 increase of 6.7% exceeded the 5.1% year-over-year increase in March 2012…
BROOKLYN…After posting no growth in median rental price in January 2013, rents resumed rising with a 7.2% gain in February, followed by an 11.3% increase in March. Average rental price and average rental price per square foot both rose by 11.5% in March over the same period last year…
The Elliman Report: 3-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 3-2013 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]