Jun
10

Douglas Elliman Releases May 2014 report for Manhattan & Brooklyn Residential Rental Markets

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Recently Douglas Elliman released the May 2014 report for Manhattan & Brooklyn Residential Rental Markets.  The May 2014 Elliman report for the Manhattan & Brooklyn Rental Markets, reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“Manhattan rental prices rose for third consecutive month, while Brooklyn rents have been rising for a year.”

  • For the third consecutive month, the Manhattan median rental price increased above the prior year level.
  • Rental_0514_highlightsMedian rental price was$3,300, 3.1% above the same period last year and the highest level reached since early 2009.
  • After weakening in the second half of 2013 from intensive competition from the sales market, median rental prices have generally trended higher since the beginning of the year.
  • Although landlord concessions edged slightly higher to 5.7% of all transactions from 4.4% in the same period last year, their use has fallen sharply since the beginning of the year.
  • After peaking in January at 13.1% their market share has fallen by half to 5.7%.
  • In Brooklyn, median rental price increased 8.6% to $2,800 from the same month last year, yet remained essentially unchanged from the prior month.
  • Since the beginning of the year, median rental price has showed some stability on a month-over-month basis.

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