Mar
31

Elliman Releases March 2013 Report for Manhattan & Brooklyn Rental Markets

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Douglas Elliman released the March 2013 report for Manhattan & Brooklyn Residential Rental Markets.  The March 2013 Elliman Report for the Manhattan & Brooklyn Rental Markets reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“Since the beginning of the year, the rental market has found its second wind, resuming a higher rate of price increases.”Mar_2013_Manhattan_Rental

 

Manhattan:  For the past three months, the year-over-year rise in median rent price has increased. After bottoming to 0.8% in December of 2012, the percentage changes for January, February and March of 2013 were 2.6%, 4.7% and 6.7% respectively. The vacancy rate fell to a 2-year low of 1.46% in March 2013 from 1.89% in the same period last year.

 

Brooklyn:  Though 2013 began with no growth in the year-over-year median rental price, rents resumed rising with a 7.2% gain in February, followed by an 11.3% increase in March.

 

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