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Douglas Elliman released the October 2013 report for Manhattan & Brooklyn Residential Rental Markets.  The October 2013 Elliman Report for the Manhattan & Brooklyn Rental Markets reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“Manhattan rental prices weakened, caused by summer sales surge that poached demand”

This summer’s record sales activity pulled some of the demand from the Manhattan rental market, causing prices to slip slightly from prior year levels. Vacancy rates rose to more normal levels as marketing times and negotiability remained tight and the use of landlord concessions were limited. We don’t expect much relief in rental prices for tenants anytime soon as the economy continues to improve and mortgage lending conditions remain tight.

  • Median Manhattan rental price for October fell 1.6% below the same month last year to $3,150.
  • This decline was the second consecutive year-over-year drop, following the September drop that broke the 26 consecutive month record without a decline.
  • The use of landlord concessions in Manhattan remained limited, used in only 3.7% of all new rentals with an average rental equivalent of 1.2 months.

As they have for most of 2013, Brooklyn’s rental prices continued to rise. The pace of the market remained fast, with rapid marketing times and less negotiability than we saw last year. New rental activity was brisk, as tenants continued to resist rental price increases at time of lease renewal, seeking out greater affordability but with limited options. We anticipate tight market conditions through the remainder of the year

  • Other than last May, in Brooklyn all monthly year-over-year rental price indicators have not declined in 2013.
  • Brooklyn median rental price rose 6.8% to $2,699 over the prior year quarter.

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