Jan
13

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

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

“Manhattan rental prices continued to slip as price growth in Brooklyn showed some signs of slowing.”Manhattan_Brooklyn_Rentals_Dec_2013

 Manhattan rental prices slipped for the fourth consecutive month but remain at high levels. We are beginning to see a small rise in landlord concessions as vacancy rates move up. Prices in the luxury market continued to grow and marketing times are brisk. The overall market remains very active and we anticipate similar conditions over the coming months as New York City’s economy continues to improve.

  • The last 4 months of 2013 showed a year-over-year decline in median rent. The median rent was $3,100 in December, down 1.6% from the same month last year, but was unchanged from the prior month.
  • The market share of rentals with concessions by landlords was 12.8%, up from 4.3% in the same month last year, but the size of the concession held steady at 1 month’s equivalent rent.

Rents in the Brooklyn market continue to rise but the pace of growth has begun to slow as it competes with a very fast moving sales market. There is a lot of strength in the entry-level apartment markets as the price gap between Manhattan and Brooklyn rents remain much closer than a few years ago. The luxury market remains strong and we expect the current tight conditions to remain through the winter.

  • Median rental price expanded 0.9% to $2,660 from the prior year period. The median rental price between Manhattan and Brooklyn expanded to $450 after hovering near $300 for most of last fall.

 

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