This report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
- The pace of rental price increases have slowed for 3rd consecutive month.
- Falling mortgage rates are pulling more renters into the sales market.
- Rents remain at high levels with pressure coming from low vacancy rate, tight credit and an improving economy.
- Vacancy rate has fallen below year ago levels for 6th consecutive month.
- New rentals up 20.5% from the prior year indicating continued tenant price resistance at time of lease renewal.
- Luxury and Super-Luxury rental prices grew faster than overall market over the year.
- Doorman prices up as non-doorman prices slipped.
[North, Northwest Regions]
- Prices edged above year ago levels and remain elevated.
- New rentals up 12.5% over last year’s levels as tenants continued to resist rising prices.
- Days on market at third fast monthly rate in nearly 5 years.
- Luxury market price trends were mixed.
- 2-bedroom market had most overall improvement in price and activity.
Here’s an excerpt from the report:
MANHATTAN For the third consecutive month, the year-over-year pace of median rental price growth eased. Median rental price increased 0.8% from the prior year period to $3,150. Year-over-year gains in this metric for the prior three months were 10.2%, 1.6% and 1.4%. Compared to the same period last year, average rental price was up 10% at $3,973, while rental price per square foot was down 4.5% to $49.88…
BROOKLYN Median rental price increased 7.6% from the same month last year to $2,637. This rate marked the fourth highest level over the past 5 years; the three highest levels were all recorded in 2012. Compared to the same period last year, average rental price edged 5.6% to $2,880, while average rental price per square foot jumped 16.7% to $36.01…
I’m really behind schedule in uploading content to the site due to the heavy year end appraisal volume we are digging out of…but I’ll get it done soon. You will be able to build your own custom data tables on the Manhattan rental market using quarterly data – our new monthly format will be available online shortly and we will be phasing in monthly charts to our rental chart gallery soon.