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Elliman Report: Manhattan/Brooklyn Rentals 9-2013

MANHATTAN Median rental price slipped 3.1% to $3,095 from the same period last year. This was the first year-over-year decline since June 2011. Incentivized by concerns over rising mortgage rates, and heavy sales volume more renters moved into the purchase market. The use of concessions by landlords remained limited to 2.7% of new rentals, averaging a 1.2-month rental equivalent. There was year-over-year median price growth in the 2-bedroom and 3-bedroom markets and modest declines in the studio and 1-bedroom markets…

BROOKLYN Median rental price increased 10.4% to $2,800 from prior year levels, second only to the prior month which had been a 5-year high. Average rental price increased 16.8% to $3,179 from the same month last year, which was more than a 5-year high. Average rental price per square foot expanded 15.9% to $38.05 over the same period…

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