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Elliman Report: Manhattan/Brooklyn Rentals 11-2012

MANHATTAN Median rental price remained essentially unchanged from the prior month and edged 1.4% higher than prior year levels to $3,195. This was the lowest year-overyear percent median rental price change since 0% in September 2011. Average rental price expanded 5.4% from the same period last year, while rental price per square foot fell 2.3%. Competition from the sales market, which has enjoyed a sustained period of record low mortgage rates, may have begun to temper the pace of rising rent levels…

BROOKLYN Median rental price increased 10.1% from the same period last year to $2,698, the highest November showing since the credit crunch began. Rental price per square foot and average rental price increased 10.3% and 11.2% respectively over the same period…

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