Jun
11

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

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

 

“Stress on tenants continued as rental prices edged higher.” ¬†Manhattan_Rentals_May-2015

Manhattan rental prices pushed higher as a booming local economy and tight credit conditions kept the pressure on.

  • Median rental prices were above the prior year level for the fifteenth consecutive month, but still short of the record 23-month period set in 2011 through 2013.
  • Median rental prices increased 2.4$ to $3,380 from the same period last year.
  • Average rental price increased 4.6% to $4,081 over the same period, a record four consecutive months above the $4,000 threshold.
  • Median rental price for all apartment sizes moved above the prior year level with the exception of 3-bedrooms, which slipped a nominal 0.5%.
  • ¬†Consistent with the 3-bedroom market, luxury median rental price, the top 10% of the rental market remained essentially unchanged at $7,954 as compared to the same period last year.
  • Price gains were more pronounced at the lower end of the market.
  • The Entry Tier, the first 30% of all rentals, posted the largest gain in median rental price, rising 4.5% from the prior year period.
  • Days on market, the number of days from original list to rental date, fell by 9 days to 41.

After showing signs of weakness a few months ago, Brooklyn rental rental price indicators moved higher for the second consecutive month.

  • Rental prices moved higher for the second month, skewed by shift in the mix.
  • Surge in new rentals as landlord concession usage collapsed.
  • Median Brooklyn rent was $447 below median Manhattan rent

Price indicators in the northwest region of Queens moved lower as the rental mix continued to shift to smaller units.

  • Share of 1-bedrooms nearly doubled, pulling overall rents lower
  • Except for studios, rents for each size category increased
  • Number of new rentals more than doubled

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