Jul
15

Elliman Releases June 2013 Elliman Report for Manhattan & Brooklyn Rental Markets

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Douglas Elliman released the June 2013 report for Manhattan & Brooklyn Residential Rental Markets.  The June 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”

Manhattan_Brooklyn_06-2013_Rental

  • After two months of slowing price growth in Brooklyn, there was a jump in rental prices for June, the largest gain in nearly a year. The rise in rents was consistent across all sizes. Properties are taking somewhat longer for landlords to rent and negotiability was basically unchanged from this time last year. Similarly to Manhattan, we don’t see much weakness in the direction of rental prices over the coming year.
  • There wasn’t much relief for Manhattan renters in June. Median price edged up slightly as rents remained at high levels and landlord concessions such as free rent were rare. Although negotiability remained unchanged, it is taking a bit longer than last year for landlords to rent their apartments. We don’t see much change on the horizon as tight credit and rising employment are expected to continue over the next year.

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