Nov
14

Residential Rental Market Report for Manhattan and Brooklyn for October 2012

By

Today, Elliman released the October 2012 Elliman Report for Manhattan & Brooklyn Rental Markets.   The Rental Market Report sumarized below and reported here was prepared by Miller Samuel for Prudential Douglas Elliman

Falling vaccancy rates continued to drive rental price indicators higher, despite the rising number of consumers moving to the purchase market.”

 

  • The Manhattan vacancy rate fell to 2% from 2.32% in the same period last year, while rentals with landlord concessions had a nominal 4% market share
  • The overall median rental price edged 1.6% higher from $3,150 in the same period last year to $3,200, its highest october level since the credit crunch begain in 2008.
  • New rental activity for smaller units slipped as low mortgage rates compelled consumers to purchase.

Comments are closed.