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Elliman Report: Manhattan, Brooklyn & Queens Rentals 8-2014

MANHATTAN For the sixth consecutive month, median rental price exceeded the prior year level. Tight mortgage lending conditions and rising employment have kept the pressure on the rental market. Median rental price in August increased 0.8% to $3,175 from the same month last year…

BROOKLYN For the first time in 14 months, the Brooklyn median rental price declined from the prior year period. Median rental price was $2,808, 1.5% below the August result in 2013. Since the beginning of 2014, monthly median rental price remained relatively stable despite the extended period of year-over-year gains…

QUEENS Although the Queens median rental price slipped 1% to $2,788 from the same period last year, all size categories posted year-over-year gains. The overall price indicators were skewed lower by the shift in the mix to smaller-sized apartments. The market share of studio apartments expanded to 16.6% of all rentals, up from an unusual low of 7.6% in the same month last year…

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