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Elliman Report: Manhattan/Brooklyn Rentals 1-2014

MANHATTAN Median rental price slipped 1.1% to $3,114 from the same period last year. Since last September, median rental price fell for the fifth consecutive month on a year-overyear basis, but the decline in rental prices remained minor. The use of concessions by landlords continued to expand, rising to a 13.1% market share from 5% in the same period last year…

BROOKLYN The January median rental price jumped 12% to $2,830 from the same month last year. Average rental price rose 3.5% and average rental price per square foot remained unchanged over the same period. Rising New York City employment and tight credit have played a primary role in the growth of Brooklyn rents. The introduction of newly developed luxury inventory has additionally helped shift overall rents higher…

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