May
14

Douglas Elliman Releases April 2015 Report for Manhattan, Brooklyn & Queens Rental Markets

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

Manhattan_Rental_April_2015

“Rents continued to rise across the region as Brooklyn sets new price record”

  • Manhattan rents have increased for fourteen consecutive months, driven by an improving economy and tight mortgage lending conditions.
  • Rents were higher for all sizes, but the largest increases were seen in entry-level apartments.
  • Landlords are rarely offering concessions and both days on market and listing discounts remained low.
  • Median rental price increased 3.5% to $3,361 as compared to April 2014
  • These trends are expected to continue into the summer.

 

  • After showing signs of leveling off in recent months, Brooklyn rents rose to a new record in April.
  • Rents were higher across most of the market including studio, 1-bedroom and 2-bedroom apartments, while weaker at the top of the market.
  • Use of concessions by landlords and negotiability was limited.
  • Tight conditions are anticipated to continue through the coming months.
  • Rents rose across all apartment sizes in the northwest Queens.
  • There were a lot more 1-bedroom rentals than last year, attracting renters from Manhattan and Brooklyn seeking greater affordability.
  • More newly developed apartments continued to enter the market.

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