[1]
Douglas Elliman [2] published the Manhattan/Brooklyn rental report [1] for January 2013. 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
- Modest year-over-year rise in rents for 4th consecutive month, following a rapid 12-month rise.
- Pace of rental price growth easing as low mortgage rates pull more buyers into sales market.
- Days on market while at fast pace, was slowest since August 2011.
- Limited use of landlord concessions remained norm.
- Vacancy rates remained low, falling year-over-year for 7th consecutive month.
- Luxury markets saw larger gains in rental prices than the overall market.
BROOKLYN
[North, Northwest Regions]
- Rents flat from same period last year, might be beginning of a period of more modest rental price growth.
- Studio activity slowed as more renters showed resistance to rising rents and became first time buyers.
- Luxury rents outpaced overall market as purchase demand provided competition with higher affordability despite tight credit conditions.
Here’s an excerpt from the report:
MANHATTAN …Median rental price increased 2.6% from the same period last year to $3,150. After a 12-month stretch showing a robust 7.5% average year-over-year increase, the most recent four months increased by an average of 1.6%. Average rental price rose 1.6% to $3,794 and average rental price per square foot increased 3.2% to $50.71 over the same period. In a year of limited rental concessions, the year-over-year net effective median monthly rent increased 2.6%, as did face rent…
BROOKLYN …Median rental price was $2,527 in January, showing no material change from the same month last year. Over the same period, average rental price increased 4.6% to $2,958 and average rental price per square foot rose 4.6% to $35.36…
The Elliman Report: 1-2013 Manhattan/Brooklyn Rentals [Miller Samuel [1]]
The Elliman Report: 1-2013 Manhattan/Brooklyn Rentals [Douglas Elliman [5]]
Miller Samuel Aggregate Database [Miller Samuel [4]]
Miller Samuel Chart Gallery (quarterly rental charts only – monthly coming soon) [Miller Samuel [6]]