Sep
12

Douglas Elliman Releases August 2014 Manhattan, Brooklyn & Queens Residential Rental Report

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

“Tight mortgage lending conditions and rising employment have kept the pressure on rental market prices.”Manhattan_Rental_Aug_2014

 

The Manhattan rental market remained tight with declining vacancy, shorter marketing times and limited use of landlord concessions. Rental prices edged higher for the sixth consecutive month but results were mixed across all apartment sizes. Luxury and upper tier apartment prices rose faster than the remainder of the market. An improving economy, tight credit and limited sales inventory continued to keep the pressure on the rental market. We expect similar conditions over the fall rental season.

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