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Elliman Report: Manhattan/Brooklyn Rentals 10-2013

MANHATTAN Median rental price for October fell 1.6% below the same month last year to $3,150. This decline was the second consecutive yearover- year drop, following the September drop that broke the 26 consecutive month record without a decline. Weaker pricing was the result of the sales surge over the summer that pulled demand from the rental market. However the use of landlord concessions remained limited, found in only 3.7% of all new rentals with an average rental equivalent of 1.2 months.

BROOKLYN The rental market continued to show growth with all price indicators above prior year levels. Other than last May, all monthly year-overyear rental price indicators have not declined in 2013. Median rental price rose 6.8% to $2,699 over the prior year quarter. Average rental price and average rental price per square foot posted 12.6% and 25.5% respectively gains over the same period.

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