Aug
08

Douglas Elliman Releases Elliman Report for Manhattan & Brooklyn Rentals July 2013

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

“Although the rate of Manhattan rental price growth shows signs of easing, vacancy rates are low and rents remain at high levels”M&B_Rental_07-2013

  • Manhattan rents have been pressing upward for two years now without a break, but the rate of growth has been slowing. There were less new rentals than a year ago as landlords and tenants were more likely to agree on a lease renewal. Marketing time and negotiability remained low. Improving economic conditions and tight credit are expected to keep rental prices elevated.
    •  Manhattan median rental price moved 1.1% higher to $3,042 from the same month last year. Average rental price also posted a modest gain, rising 1.7% to $3,822 over the same period. Only 3.1% of rental transactions during the month had some form of landlord concessions. When a concession was provided, it was the equivalent of 1 month free rent, up from 0.8 months free rent in the prior year period.
  • Brooklyn continues to show a faster pace of rising rents than Manhattan. Demand from those priced out of Manhattan and would-be buyers who don’t qualify for purchases with today’s tight lending standards have tipped the balance toward rising prices. Marketing times remain fast and negotiability has fallen sharply. Like Manhattan, we expect more of the same conditions in the coming months.
    •  All rental price indicators continued to show year-over-year gains. Median rental price increased 5.1% to $2,675 from the same period last year. Average rental price expanded by 8.2% to $3,035 and average price per square foot increased 6.4% to $37.66 respectively from the prior year period.

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