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Elliman Report: Manhattan/Brooklyn Rentals 3-2014

MANHATTAN The year-over-year change in median rental price was up 0.2% to $3,200, a nominal gain. This marked the first increase seen since last August. Month-over-month median rental price has largely moved “sideways” since last summer. The remaining rental price indicators also showed stability. Average rental price increased 1% to $3,968 and average rental price per square foot edged up 0.8% to $51.30 from the same month last year. A rise in median rental price was seen in smaller apartments, as studios and 1-bedrooms increased 2.5% and 1.6% respectively, while median rent for 2-bedrooms and 3-bedrooms decreased 2.1% and 4.7% respectively…

BROOKLYN Median rental price jumped 13.3% to $2,900 from the same month last year. This marked the highest level reached since January 2008 when this metric was first recorded. This gain marks the tenth consecutive month of a year-over-year increase in median rental price and the largest rise of 2014. Average rental price increased 9.5% to a record $3,254 over the same period. Average rental price per square foot increased 11.1% to $39.46 over the same period…

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