We have just released the "Elliman Report: Manhattan & Brooklyn Rentals May 2013," the leading resource on the state of the Manhattan and Brooklyn rental markets. As always, our market reports are produced in conjunction with Miller Samuel to provide you with the most comprehensive and neutral market insight available. Strong price growth has defined the Manhattan rental market for the past two years. Landlord concessions remain rare and vacancy rates are still very low. Marketing times remain short and there is limited negotiation on price. The key drivers of high demand include improving New York City economy and tight mortgage lending conditions, both of which are expected continue through the year. For the second consecutive month, Brooklyn rental price growth slowed from year ago levels but it is not yet clear whether this is a sustainable trend. The market has enjoyed strong growth for much of the past two years and the number of new rentals jumped as more tenants opted to search for affordability rather than renew. The key drivers of tight credit and rising employment remain firmly in place and we expect Brooklyn rents to remain elevated over the near term.
Posted on: Wed, 12 Jun 2013 13:19:40 +0000
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