< All Market Reports

Elliman Report: Manhattan/Brooklyn Rentals 5-2013

MANHATTAN The year-overyear increase in median monthly rents have pressed higher since July 2011, averaging a 5% annual pace. The Manhattan median monthly rent was $3,200, up 3.5% from the same period last year. Average rent expanded at a similar pace, rising 3.2% to $3,951, just shy of the $4,000 threshold and the 7th highest monthly level in 60 months. The occurrence of rental concessions remained limited, with only 4.4% of all new rentals having some form applied. When concessions were used, they were the equivalent of 1.2 months rent…

BROOKLYN The Brooklyn median rent slipped 3% to $2,579 from the same period last year. After reaching a year-to-date 2013 peak rate increase of 11.3% in March and a 1% rate increase in April, the rate decreased in May to the lowest level of the year. Rental price growth has remained volatile monthto- month, but when using a 90-day moving average, rent growth has been maintained since late 2010…

Download Now

Get Weekly Insights and Research

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
Joined October 2007