[1]
Douglas Elliman [2] published their Manhattan/Brooklyn rental report [1]. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman [3] since 1994. We discontinued the quarterly rental report series but still present the information in our aggregate database [4].
MANHATTAN
- Rental price growth was mixed, with median up and average down from year ago levels.
- On a quarterly basis (report is monthly) median price was highest in 4 years.
- New rentals slipped suggesting greater tenant/landlord agreement on market conditions.
- Days on market expanded.
- Vacancy rate fell from year ago levels as spring rental market pushed later into June.
BROOKLYN
[North, Northwest Regions]
- After last month’s YoY decline, median rental price had largest jump since August of 2012.
- New rentals continued to slip suggesting higher tenant acceptance at time of lease renewal.
- Days on market expanded.
- Price gains were consistent across all size categories.
Here’s an excerpt from the report:
MANHATTAN Median rental price increased by 1.9% to $3,195 from the same period last year as average rental price and average rental price per square foot slipped 0.8% and 2.2% respectively over the same period. On a quarterly basis, the median rental price of $3,195 is the highest we have seen in four years. The use of landlord concessions remained limited, accounting for only 3.4% of rental transactions with an average amount equivalent to one month’s rent…
BROOKLYN The median rental price in Brooklyn was $2,737, up 13.5% year-over-year, the biggest jump since August 2012. Average rental price and rental price per square foot also showed large gains, surging 13.6% and 9.5% over the same period…
The Elliman Report: 6-2013 Manhattan/Brooklyn Rentals [Miller Samuel [1]]
The Elliman Report: 6-2013 Manhattan/Brooklyn Rentals [Douglas Elliman [5]]
Miller Samuel Aggregate Database [Miller Samuel [4]]
Chart Gallery (Brooklyn Monthly) [Miller Samuel [6]]
Chart Gallery (Manhattan Monthly) [Miller Samuel [7]]
Chart Gallery (Manhattan Quarterly) [Miller Samuel [8]]