Archive for Rental Buildings

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

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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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.

 

 

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.

 

Recently Douglas Elliman released the December 2014 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The December 2014 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets,Manhattan_Rentals_Dec_2014 reported here, and summarized below was prepared by Miller Samuel for Douglas Elliman.

“Market conditions remained challenging for renters, as upward pressure on prices remained.”

Manhattan median rental prices were higher for the tenth consecutive month. Rising rents were more commonly found in smaller apartments such as studios and 1-bedrooms. Falling vacancy rates, the lower use of landlord concessions, an improving economy and tight mortgage conditions may continue to keep the pressure on rental prices into the new year

Jan
13

How’s the Market December 2014 & 4th Quarter 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV&MED_SP_DOM_DEC_2014

 

DISC_AP_DEC_2014

Sales_Region_Dec_2014

 

 

 

The following charts show activity over the 4th Quarter 2014 compared to 3rd Quarter 2014 and 4th Quarter 2013.

 

AV&MED_SP_DOM_4QTR_2014

 

DISC_AP_4QTR_2014

 

Sales_Region_4QTR_2014

 

 

Douglas Elliman released the Fourth Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 4Q-2014 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

Manhattan_Sales_4QTR_2014

“All Manhattan price indicators showed robust gains from the prior year quarter, largely driven by low inventory and higher than average demand.”

 

Manhattan housing prices continued to rise, but the market remained challenged by the lack of inventory. Sales activity was high, but did not equal the record volume achieved last year. New development market share continued to expand with more new offerings coming online in 2015. The current market pace remains brisk with nearly half of all sales resulting in purchase prices that were at or above the asking price. Based on the strong finish for 2014, we are anticipating an active market going into 2015.

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

 

“Manhattan, Brooklyn and Queens rental prices increased, driven by tight credit and an improving economy.”Manhattan_Rentals_11-2014

The Manhattan rental market continued to be characterized by rising prices and low vacancy rates. Median rent increased for the ninth consecutive month with the biggest gains seen in the studio and 1-bedroom markets.  The use of concessions by landlords and declining marketing times were influenced by rising employment and tight mortgage lending conditions. We don’t anticipate significant relief to tenants next year.

  • All price indicators for the Manhattan rental market increased as the New York City economy continued to improve and mortgage lending conditions remained tight.
  • Median rental prices increased from the prior year level for the ninth consecutive month.

Recently Douglas Elliman released the September 2014 report for Manhattan, Brooklyn & Queens Residential Rental Markets. The September 2014 Elliman report for the Manhattan, Brooklyn & Queens Rental Markets, reported  here, and summarized below was prepared by Miller Samuel for Douglas Elliman.2014-10_Manhattan_Rentals

“Manhattan, Brooklyn and Queens rental prices pushed higher, driven by tight credit and an improving economy.”

Manhattan rental prices pushed higher for the eighth consecutive month as the market remained tight. Landlord concessions remained rare, negotiability declined and the vacancy rate fell to a five-year October low. Rents for smaller apartments rose faster than the remainder of the market. Tight mortgage lending conditions and rising employment are expected to keep the pressure on the rental market in the coming months.

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

“Manhattan rents pressed higher as Brooklyn and Queens took a breath.”

 09-2014_Manhattan_Rentals

  • The Manhattan rental market remained tight through September.
  • For the seventh consecutive month, rental prices increased and landlords rarely needed to use concessions to keep vacancy rates from rising.
  • Marketing times and negotiability remained low.
  • Rising employment and tight credit conditions are expected to keep upward pressure on prices over the coming months.

Douglas Elliman released the Third Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 3Q-2014 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 “Manhattan housing prices continued to rise in the third quarter.  Rising inventory remained inadequate to meet the high level of demand”

3QTR Manhattan Sales

  •  The supply and demand imbalance has begun to push housing prices higher. Median sales price rose 4.2% to $908,242 from the same period last year. As a result of the shift towards more 3-bedroom and 4-bedroom sales, the overall average sales price jumped 17.4% to $1,684,729 from the prior year quarter.
  • The monthly absorption rate, the number of months to sell all inventory at the current rate of sales, increased to 5.3 months from the prior year record low of 3.6 months. As a result of limited supply and fast market pace, 49.2% of all transactions were sold at or above list price at time of sale.
  • Despite the third consecutive quarter with a year-over-year rise in listing inventory, supply remains 16.1% below the 14-year third quarter average of 6,957. Listing inventory jumped 27.6% to 5,828 from the prior year quarter, with a much larger increase seen with condos than co-ops.
  • Days on market, the average number of days to sell all apartments that closed during the quarter, expanded by 4 days to 92 days, marking the second fastest marketing time in 15 years.
  • Listing discount, the average percentage difference between the listing price at the time of sale and the sales price fell to 1.1% from 2% in the year ago quarter.

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.

Sep
04

How’s the Market – August 2014

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While Quarterly Sales Reports show closed activity for the previous quarter, monthly Contract Signed reports are the ‘crystal ball’ of closed sales to come. Granted, all contracts signed for any given month may not close in the next month, and some may not close at all but most (over 95%) will become closed sales which will become part of the next Quarterly Sales Report.

In the following charts and graphs you can see how the market stacks up against last month and this month last year.

 

AV&MED_SP_DOM_08-2014 - Copy

DISC_AP_08-2014 - Copy

Sales_Region_08-2014 - Copy

 

Aug
17

In the News – August 17, 2014

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8/14/14:  Elliman Releases Elliman Report for Manhattan, Brooklyn & Queens Rentals July 2014:  Manhattan rental prices increased for the fifth consecutive month and reached their highest level for the month of July in six years. The use of concessions by landlords remained scarce and the vacancy rate fell to a six year low. Smaller apartments had larger price increases than larger apartments. Tight mortgage lending and rising New York City employment continued to put additional pressure on the rental market.  See the full report at Elliman.com

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

 

“Manhattan rental prices rose for third consecutive month, while Brooklyn rents have been rising for a year.”

  • For the third consecutive month, the Manhattan median rental price increased above the prior year level.
  • Rental_0514_highlightsMedian rental price was$3,300, 3.1% above the same period last year and the highest level reached since early 2009.
  • After weakening in the second half of 2013 from intensive competition from the sales market, median rental prices have generally trended higher since the beginning of the year.
  • Although landlord concessions edged slightly higher to 5.7% of all transactions from 4.4% in the same period last year, their use has fallen sharply since the beginning of the year.
  • After peaking in January at 13.1% their market share has fallen by half to 5.7%.
  • In Brooklyn, median rental price increased 8.6% to $2,800 from the same month last year, yet remained essentially unchanged from the prior month.
  • Since the beginning of the year, median rental price has showed some stability on a month-over-month basis.