Since housing market trends are all about seasonality, I thought it was interesting that the Manhattan residential vacancy rate seems devoid of such patterns.
What am I missing here?
Tags: Seasonality, Rentals, Vacancy Rate
Matrix Blog
Posts Tagged ‘Rentals’
May 2014 Report: Manhattan and Brooklyn Rentals Swap Roles
June 12, 2014 | 1:29 pm |
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Today Douglas Elliman published the Manhattan/Brooklyn rental report that I author. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994 (20 years!). We discontinued the quarterly rental report series but still present the information in our aggregate database.
MANHATTAN
– Median rental price increased to the highest level in more than 5 years.
– After softening in late 2013 with intensive competition from the sales market, median rental prices have trended higher since the beginning of 2014.
– Although the market share of landlord concessions edged higher over the year ago level last year, they have fallen sharply from 13.1% in January.
– Vacancy rate slipped nominally from same period last year, hovering near multi-year lows.
– New rental activity fell reflecting the increased likelihood that tenants would renew their leases as a result of limited alternatives to increased affordability.
BROOKLYN
[North, Northwest Regions]
– Median rental price increased from the same period last year but has showed some stability since the beginning of the year.
– 2 and 3-bed apartments showed weaker price trends with the addition of new rental housing stock and intense competition from the purchase market.
– There was a sharp drop in new rentals from the same month a year ago as more tenants were resigned to sign their leases at time of renewal.
– Although marketing times expanded slightly, negotiability dropped sharply reflecting the ongoing tight market conditions.
Here’s an excerpt from the report:
MANHATTAN For the third consecutive month, median rental price increased above the prior year level. Median rental price was $3,300, 3.1% above the same period last year and the highest level reached since early 2009. After weakening in the second half of 2013 from intensive competition from the sales market, median rental prices have generally trended higher since the beginning of the year. The remaining rental price indicators were mixed. Average rental price slipped 1.2% to $3,902 and average rental price per square foot increased 7.1% respectively from the same month last year…
BROOKLYN Median rental price increased 8.6% to $2,800 from the same month last year, yet remained essentially unchanged from the prior month. Since the beginning of the year, median rental price has showed some stability on a month-over-month basis…
The Elliman Report: 5-2014 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 5-2014 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery (Brooklyn Monthly) [Miller Samuel]
Chart Gallery (Manhattan Monthly) [Miller Samuel]
Chart Gallery (Manhattan Quarterly) [Miller Samuel]
Tags: Credit, Rentals, Employment
1 Comment
Manhattan/Brooklyn Rents Continue to Rise
May 15, 2014 | 10:24 am |
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Douglas Elliman published the Manhattan/Brooklyn rental report that I author today. This monthly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994. We discontinued the quarterly rental report series but still present the information in our aggregate database.
MANHATTAN
– Second highest median rental price reached in over 5 years (highest was one month spike to $3,695 in Feb-09).
– Second consecutive month with year-over-year rise in median rent after 6 consecutive monthly declines.
– The vacancy rate was the lowest for an April in 4 years, falling to 1.45% from 1.58% a year ago.
– Market share of landlord concessions was up slightly from last year to 6.8%, but down from recent January peak of 13.1%.
– The number of new rentals slipped 6.2%, as landlords and tenants have remained more in sync for the 3rd consecutive month.
BROOKLYN
[North, Northwest Regions]
– Median rental price up year-over-year for the 11th consecutive monthly increase.
– New rental activity surged 57.1% as tenants pushed back against rising rents at time of renewal.
– Marketing times and negotiability expanded from a year ago, but remained stable over the past 3 months.
– Studios showed the largest rise in median rental price. 1-bedrooms and 2-bedrooms also increased.
– Brooklyn median rent was $442 less than Manhattan median rent, up from $210 record low in February.
Here’s an excerpt from the report:
MANHATTAN Median rental price increased 1.6% to $3,247 from the same period last year to the second highest level in more than 5 years. This was the second consecutive year-over-year monthly increase after 6 consecutive months of decline, largely attributable to a higher than normal sales volume in 2013. The robust sales market provided competition, poaching some rental demand as “fencesitters” concerned about rising mortgage rates opted to purchase. Average rental price rose 5.1% to $4,008, the second time the $4,000 threshold was exceeded in the past 4 years. The overall rise in rental prices was largely seen in the studio and 1-bedroom markets with year-over-year gains of 4.2% and 1.4% respectively…
BROOKLYN The 11th consecutive increase, median rental price increased 3.9% to $2,805 from the same month last year, but fell 3.3% from the prior month record of $2,900. Average rental price followed a similar pattern rising 6.4% to $3,209 over the same period. Despite the rising trend, month over month rental price trends for all indicators have showed relative stability since the beginning of the year…
The Elliman Report: 4-2014 Manhattan/Brooklyn Rentals [Miller Samuel]
The Elliman Report: 4-2014 Manhattan/Brooklyn Rentals [Douglas Elliman]
Miller Samuel Aggregate Database [Miller Samuel]
Chart Gallery (Brooklyn Monthly) [Miller Samuel]
Chart Gallery (Manhattan Monthly) [Miller Samuel]
Chart Gallery (Manhattan Quarterly) [Miller Samuel]
Tags: Rentals, Manhattan/Brooklyn Rentals
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Manhattan Rental Market’s Rising Landlord Concessions
February 13, 2014 | 11:44 pm |
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[click to expand]
Today the market report covering the Manhattan/Brooklyn rental market for January 2014 that we prepare for Douglas Elliman was published. We’ve authored the Elliman Report series since 1994.
One of the trends we’ve observed has been the recent expansion of the use of concessions by landlords to keep vacancy low as evidenced in the above chart.
You can download this report and others, view charts in a variety of markets and build custom data tables. See the report press coverage here.
Tags: Rentals, Manhattan/Brooklyn Rentals
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About Jonathan Miller
Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state, and federal courts. He holds the Counselors of Real Estate (CRE) designation, is an Appraiser “A” Member of the Real Estate Board of New York, and is a member of RAC.
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