This report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

MANHATTAN

– Competition from the sales market, which has enjoyed a sustained period of record low mortgage rates, may have begun to temper the pace of rising rent levels
– Rents remain high and still edging higher but pace of growth slowed this month as indicated by rents and the surge in new rental activity
– Key drivers of rental market remain tight credit on the sales side and rising employment in the city

– Rents increased: Median rental price edged 1.4% higher to $3,195 from year ago levels, the lowest year-over-year percent median rental price change in more than a year
– Luxury and Super-Luxury rental increases outpaced the overall market
– New rentals surged 41% as tenants resisted rising lease renewal rates
– Vacancy rates continued to fall. November ’12 was 1.59% versus 2.32% in November ’11

BROOKLYN[North, Northwest Regions]

– Rents increase: double digit growth from year ago levels. Median rental price increased 10.1% to $2,698 from year ago levels
– Luxury rental increase consistent with the the overall market
– New rentals surged 59% as tenants resisted rising rental renewal rates
– Tight credit conditions and improving employment continue to keep rents at elevated levels

Here’s an excerpt from the report:

MANHATTAN Median rental price remained essentially
unchanged from the prior month and
edged 1.4% higher than prior year levels
to $3,195. This was the lowest year-overyear
percent median rental price change
since 0% in September 2011. Average
rental price expanded 5.4% from the same
period last year, while rental price per
square foot fell 2.3%. Competition from
the sales market, which has enjoyed a
sustained period of record low mortgage
rates, may have begun to temper the pace
of rising rent levels…

BROOKLYN Median rental price
increased 10.1% from the same period
last year to $2,698, the highest November
showing since the credit crunch began.
Rental price per square foot and average
rental price increased 10.3% and 11.2%
respectively over the same period…

You can build your own custom data tables on the Manhattan rental market using quarterly data – our new monthly format will be available online shortly and we will be phasing in monthly charts to our rental chart gallery soon.

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The Elliman Report: 11-2012 Manhattan Rentals [Miller Samuel] The Elliman Report: 11-2012 Manhattan Rentals [Douglas Elliman]