Douglas Elliman published the Manhattan/Brooklyn rental report for February 2013. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994. We discontinued the quarterly rental report series but still present the information in our aggregate database.
- After 4 consecutive months of modest year-over-year gains in median rental price, February showed larger increases.
- Days on market and listing discount weakened.
- Vacancy rates unchanged after falling for 7 consecutive months.
- Super-luxury market (top 5% began at $8,155) outpaced overall median rental price gains.
- The sharp gains in the number of new rentals ended as landlords are more in sync with the market at time of lease renewal.
[North, Northwest Regions]
- After a one month slowdown, the year-over-year rise in median rental price resumed it’s higher rate of growth.
- Days on market contracted.
- Larger apartments show largest rise in rental price indicators.
- The economy slowly improving and credit remains tight, keeping upward pressure on rents.
Here’s an excerpt from the report:
MANHATTAN After four consecutive months at an average of 1.6% year-over-year price gains, median rent rose 4.7% from year ago levels to $3,190. Average rental price also expanded at a similar pace, rising 4.9% from prior year levels to $3,956. The number of new rentals declined 8.8% from prior year levels, marking the first drop since July 2012, as more modest rental price growth at the end of 2012 forced landlords to be more consistent with pricing at time of lease renewal…
BROOKLYN After last month’s more modest gains, the rental market resumed robust price growth in February. Median rent increased 7.2% from the same month last year to $2,590. The other price indicators showed larger gains over the same period…
The Elliman Report: 2-2013 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 2-2013 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery (Brooklyn Monthly) [Miller Samuel]
Chart Gallery (Manhattan Monthly) [Miller Samuel]
Chart Gallery (Manhattan Quarterly) [Miller Samuel]