This report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
MANHATTAN
- 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
- Rents remain high and still edging higher but pace of growth slowed this month as indicated by rents and the surge in new rental activity
Key drivers of rental market remain tight credit on the sales side and rising employment in the city
Rents increased: Median rental price edged 1.4% higher to $3,195 from year ago levels, the lowest year-over-year percent median rental price change in more than a year
- Luxury and Super-Luxury rental increases outpaced the overall market
- New rentals surged 41% as tenants resisted rising lease renewal rates
- Vacancy rates continued to fall. November ’12 was 1.59% versus 2.32% in November ’11
BROOKLYN
[North, Northwest Regions]
- Rents increase: double digit growth from year ago levels. Median rental price increased 10.1% to $2,698 from year ago levels
- Luxury rental increase consistent with the the overall market
- New rentals surged 59% as tenants resisted rising rental renewal rates
- Tight credit conditions and improving employment continue to keep rents at elevated levels
Here’s an excerpt from the report:
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…
You can 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.
The Elliman Report: 11-2012 Manhattan Rentals [Miller Samuel]
The Elliman Report: 11-2012 Manhattan Rentals [Douglas Elliman]
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