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Elliman Report: Manhattan, Brooklyn & Queens Rentals 12-2014

MANHATTAN Although overall rental price indicators were mixed, median rent increased for the 10th consecutive month. Rising New York City employment and tight mortgage lending conditions continued to keep the pressure on rents, despite the mixed results. Median rental price was $3,250, up 4.8% from the same period last year…

BROOKLYN Brooklyn rents continued to push above prior year levels. Median rental price was $2,900, 9% above the same period last year. While average rental price slipped 1.3% to $3,139, average rental price per square foot increased 13.4% to $41.17 over the same period. The continued strength in rental price per square foot was reflected in the larger rental price gains seen in smaller apartments…

QUEENS Rents in the northwest Queens housing market increased from the prior year period. Median rental price was up 5.9% to $2,839. Average rental price increased 4.9% to $3,015 and average rental price per square foot increased 23.9% to $44.07 respectively over the same period. Median rental price was $411 below the median rental price of Manhattan…

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