Jun
12

Douglas Elliman releases Manhattan & Brooklyn Rental Market Report for May 2013

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

“The rate of rental price growth is beginning to show signs that the pace seen over the past two years might not be sustained.”M&B_Market_May_2013

Strong price growth has defined the Manhattan rental market for the past two years. Landlord concessions remain rare and vacancy rates are still very low. Marketing times remain short and there is limited negotiation on price. The key drivers of high demand include improving New York City economy and tight mortgage lending conditions, both of which are expected continue through the year.

For the second consecutive month, Brooklyn rental price growth slowed from year ago levels but it is not yet clear whether this is a sustainable trend.  The market has enjoyed strong growth for much of the past two years and the number of new rentals jumped as more tenants opted to search for affordability rather than renew. The key drivers of tight credit and rising employment remain firmly in place and we expect Brooklyn rents to remain elevated over the near term

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