May
24

Elliman Releases April 2013 Report for Manhattan & Brooklyn Rental Markets

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

“Rental prices continued to trend higher, despite rising affordability of home purchases.”

Year to date, Manhattan rents continued to rise at the same brisk pace as last year. The gains in rental prices have been consistent across allManhattan_Brooklyn_Rental_Report apartment sizes compared to a year ago. Landlord concessions were used sparingly and the vacancy rate remained below long-term averages. The continuing strength of the rental market has been somewhat surprising since the Manhattan sales market has also seen rising prices and sales volume. Tight credit conditions and an improving regional economy continue to keep pressure on the demand for rental housing

  • Since the beginning of 2013, rental prices continued to push higher.
  • Median rental price jumped 6.5% to $3,195 from the same period last year, but was unchanged from the prior month.
  • The average year-over-year increase in median rental price has been rising since the beginning of 2013, averaging 5.1% year to date.
  • The vacancy rate was 1.58% in April, exactly the same rate in the same month last year, but below
  • The 1.7% 5-year monthly average.

 

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