Dec
12

Exclusive Elliman Report for Manhattan & Brooklyn Rental Markets November 2012

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This week, Elliman released the November 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.

“The year-over-year surge in new rental activity reflected a growing resistance to rental price increases amid falling vacancy rates.” 

  • Median rental price remained unchanged from the prior month, and edged 1.4% above prior year levels to $3,195.  This was the lowest year-over-year percent median rental price change since 0% in September 2011.
  • The Manhattan vacancy rate fell to 1.59% from 2.32% in the same period last year.  Despite falling vacancy rates, the slowing pace of price gains among new rentals indicates that market rents may be nearing their peak.

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