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Elliman Report: Manhattan/Brooklyn Rentals 2-2013

MANHATTAN After four consecutive months at an average of 1.6% year-over-year price gains, median rent rose 4.7% from year ago levels to $3,190. Average rental price also expanded at a similar pace, rising 4.9% from prior year levels to $3,956. The number of new rentals declined 8.8% from prior year levels, marking the first drop since July 2012, as more modest rental price growth at the end of 2012 forced landlords to be more consistent with pricing at time of lease renewal…

BROOKLYN After last month’s more modest gains, the rental market resumed robust price growth in February. Median rent increased 7.2% from the same month last year to $2,590. The other price indicators showed larger gains over the same period…

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