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Elliman Report: Manhattan, Brooklyn & Queens Rentals 10-2015

MANHATTAN The Manhattan rental story remained the same in October: more price gains at the lower end of the market, a strong local economy and tight credit conditions. Median rent increased from the same month last year for the twentieth consecutive month, up 4.5% to $3,391. Average rental price and average rental price per square foot showed a similar pattern…

BROOKLYN Rising prices, shorter marketing times and fewer concessions than last year characterized the October rental market in Brooklyn. Median rental price rose 4.3% to $2,981 from the same period a year ago as well as to the second highest level on record. Median rental price gains were seen across all size categories except for the 3-bedroom market, which fell 2.1% from the year ago quarter…

QUEENS Price trend indicators showed mixed results in October with median rental price slipping 6.4% to $2,568 and average rental price rising 8.1% to $2,939 respectively from the same period last year. Price trends continued to show volatility across the market as new development product entering the market expanded 6.9% to 32.7% of new rental activity…

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