Apr
09

Douglas Elliman releases March 2015 Elliman Report for Manhattan, Brooklyn & Queens Rental Markets

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

“Manhattan rents continued to climb more consistently than Brooklyn and Queens”

 

Manhattan_Rental_03-2015

  • The Manhattan rental market has been rising for more than a year. Inventory fell and fewer landlord concessions were being offered. Rents for smaller apartments increased the most as higher employment brought more demand into the city. Would-be first time buyers continued to be challenged by tight mortgage lending. We anticipate similar conditions throughout the spring.

 

  • For the past two months Brooklyn rents remained stable, after rising for much of the past two years. Rental prices were high while negotiability and landlord concessions remained low. With an improving local economy and tight credit, we don’t anticipate much relief for tenants through the spring market.

 

  • Rental prices in northwest Queens were generally higher although most of the increases occurred in smaller apartments. Marketing time fell and there was less negotiability between landlords and tenants. With rising rents in other boroughs bring more demand into Queens and an improving city economy, we expect the rental market to remain active in the coming months.

 

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