Mar
12

Douglas Elliman releases Elliman Report for February 2015 Manhattan, Brooklyn & Queens Rentals

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Recently Douglas Elliman released the February 2015 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The February 2015 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,
reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

M-B-Q_Rentals_02-2015

 

 

  • Manhattan rents have been increasing for twelve consecutive months. Smaller apartment rents increased more quickly than larger apartments as tight credit held back many first time buyers. Marketing times were faster and the use of concessions by landlords remained limited. With an improving economy we expect these conditions to continue into the spring market.

 

  • For the first time since last fall, Brooklyn rents slipped from last year, but remain at a high level. Landlords used concessions sparingly, but more than they used them last year. Marketing times remained fast and negotiability was very limited. Rising employment in New York City is expected to keep rents high in the coming months.

 

  • Rental prices in northwest Queens showed overall stability this month. Marketing times fell and negotiability remained was low. The expansion of new development has kept prices in check as one third of activity was within new rental buildings.

 

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