Archive for Rentals

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.

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

Aug
25

Brooklyn Rents on the Rise – Rivaling Manhattan Prices

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Brooklyn, once thought of as the affordable alternative to Manhattan, is seeing a steady climb in rental prices.  Especially in the Williamsburg, Greenpoint, Brooklyn Heights and Cobble Hill neighborhoods, the average rent climbed to $3,035 in July, an 8.2% increase according to the Elliman Report for Manhattan and Brooklyn Rentals for July 2013.

Long time Brooklyn residents are concerned about being priced out of the market as more and more people are finding Brooklyn to be their primary option when looking at rentals, causing demand to go up, along with the prices.  Manhattan’s rents have been rising for more than two years, but the growth seems to be slowing.

 

Excerpted from NY Post column 

Apr
16

In the News April 12, 2013

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4/2/13  The Year of the Frustrated Buyer Awaits Manhattan Real Estate Market:  Without a lot of apartments for sale right now, signs are pointing to a seller’s market in Manhattan, some real estate experts said. See the full article at DNAinfo.com   

4/5/13  City to put out more RFPs for micro-apartments:  The city will be putting out more requests for proposals for micro-apartment sites, the New York Observer reported. “We are considering RFPs for two or three micro-unit developments later this year.  See the full article at The Real Deal 

4/11/13  Central park Playground to Get $1.2M Makeover:  Starting in July, the Central Park Conservancy  will begin a project to fully remake a playground in the park, located at the East 79th and Fifth Avenue “to ensure accessibility for all park visitors”.  See the full article at DNAinfo.com   

4/15/13  Proposed UES medical complex wooing community with park renovation:  A proposed million-square-foot medical and college complex on the Upper East Side is gaining community support with a promise to build new park space in the neighborhood. People are increasingly rallying behind the project due to its pledge to overhaul Andrew Haswell Green Park between 59th Street and 63rd Street on the river   See the full article at The Real Deal

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Mar
18

In the News

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3/13/12  Luxury Manhattan sales market set to slip following Wall Street’s compensation declines: 
The high-end Manhattan real estate that has propped up an otherwise stagnant sales market, is likely to begin a decline of its own in 2013 and 2014. According to data from the New York State Comptroller’s office and Miller Samuel CEO Jonathan Miller cited by Bloomberg News, the top 10 percent of the Manhattan condominium and co-op market tends to follow the pattern set by Wall Street bonuses two years earlier.”  Get more informaiton at TheRealDeal.com

3/14/12  Rent Study Finds NYC Cheaper Than Long Island, New Jersey:  “In what will be a surprise to many New Yorkers, the city isn’t the most expensive place in the country to rent a modest two-bedroom apartment, a new report released has found. In fact, it’s not even the most expensive rental market in the region.”  Read the full article in the Wall Street Journal

3/15/12  Pension Reform Announced:  “Governor Andrew M. Cuomo, Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos today announced the passage of a sweeping pension reform plan that will save state and local governments more than $80 billion over the next 30 years.  New York City taxpayer savings will account for $21 billion of this savings.  Our legislative leaders have shown extraordinary determination and deserve immense credit for addressing the critical fiscal challenges facing state and local government.”  Read the Governor’s Press Release and Mayor Bloomberg’s Statement

 3/15/12  NY State lawmakers to allow casino gambling:  “New York state lawmakers have agreed to legalize public casinos and will amend the state constitution to allow seven new casinos to operate, lawmakers said on Wednesday.”  Read the full article at Reuters.com

 

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Jan
20

In the News

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1/6/12:  From the New York Times:  Living Above the Stove.  “The Five Boroughs of New York have more than 23,000 restaurants.  But what of the tenants who live above them?  Read about it in the New York Times.

1/13/12:  From the New York Times:  Not for Vampires Only.  “Some New Yorkers seek dim, dark spaces that admit little sense of the throbbing city outside their doors.  Read about it in the New York Times.

1/16/12:  From the  New York Post:  Rents Soar as Apartments Dwindle:  “Manhattan rents soared 8.6 percent last year — reaching pre-2007-crash highs — while vacancy rates plummeted and residents grabbed apartments at a near-record pace, new industry reports show.  Read more about it in the New York Post.

 1/19/12: From Prudential Douglas Elliman:  Exclusive 4th Quarter  2011 Queens Sales Market Report.  Get the full report

1/19/12:  From Prudential Douglas Elliman:  Exclusive 4th Quarter 2011 Brooklyn Sales Market Report.  Get the full report

1/20/12:  From New York Times:  Big Ticket:  Sold $9.5 Million:  The biggest sale of the past week according to city records was a TriBeCa penthouse selling for $9.5 Million.  Read about it in the New York Times.

This week, we released our Fourth Quarter report for the Manhattan Residenital Rental Market.  Manhattan Residential Rentals Market Overview Q4 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“Tight mortgage credit conditions continued to drive rental prices and activity higher.”

  • The median net effective rent (face rent less landlord concessions) jumped 9.5% from $2,950 to $3,121 in the same period last year. The year-over-year-gains were consistent across all rental price indicators.
  • The 2-bedroom and 3-bedroom markets outpaced their smaller counterparts,increasing 14% and 18.1% respectively over the same period.
  • New rental activity (excluding lease renewals) was up 10% from 7,217 to 7,942 in the same quarter last year.
  • About 7.4% of new leases had some form of landlord concession compared to the 40.5% in the prior year quarter. For those leases with concessions, the average amount was the equivalent of 1.2 months of free rent.
  • Days on market—the number of days from original list date to lease signing—was at its second fastest pace of 37 days in 15 years, which is when we began tracking this metric.

Today we released Third Quarter report for the Manhattan residential rental market.  Manhattan Residential Rentals Market Overview Q3 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • Median rent with concessions (net effective monthly median rent), increased 4.9% to $2,970 from $2,831 in the prior year quarter.
  • The number of listings on the market slipped 1.9% to 4,605 in the third quarter from 4,693 in the prior year quarter. Number of new rentals declined 6.9% to 7.998 from 8,593 over the same period last year, as more tenants likely opted for renewals.
  • Approximately 8.6% of new leases had some form of landlord concession, compared to 45% in the prior year quarter.
  • Of the leases with concessions, the average amount was the equivalent of 1.2 months.
  • Days on market—the number of days from original list date to lease signing—was 58 days, nearly 3 weeks slower than the 38 day average of the prior year quarter.
  • The absorption rate for new rentals was 1.7 months, essentially unchanged from 1.6 month in the prior year quarter but down sharply from 7.7 months in the same period two years ago.

 

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Jul
08

Week in Review: News You Can Use July 8, 2011

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  • “Despite a banner month for Governor Cuomo, New Yorkers put their Trumpets down when it came to the Economy” Read all about it at Siena Research Institute
  • New York City Tax Commissioner Announces 10% Assessment Cap on Co-ops, Condos. “New York City Finance Commissioner David M. Frankel confronted his critics yesterday at a City Council Hearing in May, announcing he was placing a 10% cap on tax assessment increases for co-op and condo properties in the five Boroughs.” Read about it at Habitat.
  • AGs, Banks near $60B deal on Foreclosures. “America’s biggest mortgage servicers are closing in on a deal with federal and state officials to settle some of the thorniest foreclosure problems.” Read about it in the New York Post.
  • Manhattan rents rise with room to go higher. “The Manhattan apartment rental market has been heating up for months, and second-quarter market reports released today by residential brokerages Citi Habitats and Prudential Douglas Elliman show skyrocketing rents. Now, the question is how long the rent increases will continue.”  Read about it at the Real Deal
  • Homes Dark and Lifeless, Kept by Out-of-Towners “some Manhattan neighborhoods are assuming that vacant feeling the year round, because the people who own or rent apartments there actually live somewhere else most of the time” Read about it in the New York Times

Today we released Second Quarter sales  report for the Manhattan residential rental market.  Manhattan Residential Rentals Market Overview Q2 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

Q2 2011 Rental Highlights

  • There was an 11% decline in the number of rental listings available, as new rental activity expanded 51.5% from the second quarter last year to the same period this year.
  • A nominal 3.4% of new rental transactions received landlord concessions, averaging an equivalent of 1.2 months of free rent, compared to 60% of new rentals receiving an equivalent of 2 months free in the same period last year.
  • Tenants paid a median net rental price of $2,888 per month this quarter, as compared to $2,700 in the same quarter last year, also marking a 2.8% increase from $2,808 last quarter.
  • The average number of days from original list date to lease signing, or days on market,was 33 days, nearly 3 weeks faster than the 53 day average in this quarter last year.

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 Today we released First Quarter sales  report for the Manhattan residential rental market.  Manhattan Residential Rentals Market Overview Q1 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • In the first quarter of 2011, 36.8% of rental transactions had a landlord concession.
  • The average concession when provided was one full month of free rent.
  • The median rental price of a Manhattan property, after considering concessions,
    if any, was $2,808, 7.4% higher than $2,616 in the prior year quarter.
  • There were 25.6% fewer new rental listings available in the first quarter, falling to
    3,874 from 5,204 in the same period last year. The amount of new rental inventory
    was essentially unchanged from the prior quarter.
  • Days on market—the number of days from original list date to lease signing—was
    40 days, less than half the 86 day average of the prior year quarter.

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