We have just released the “Elliman Report: Manhattan & Brooklyn Rentals March 2013,” the leading resource on the state of the Manhattan and Brooklyn rental markets. As always, our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.
After closing out 2012 with a slight increase in rents at already high levels, Manhattan rental price increases have steadily grown larger in the first three months of 2013. Rents rose across all apartment sizes with the largest gains seen in the 2-bedroom and 3-bedroom markets. The market remains tight with the lowest vacancy rate in two years. The combination of an improving economy and tight credit is expected to increase pressure on rents throughout the year.
Increases in Brooklyn rental prices were strong and have been growing since the beginning of the year. New rental activity slipped as more tenants, unable to find more affordable places to live, signed more renewals. Landlord concessions continue to be the exception and not the rule with tighter supply. As the economy improves and with low mortgage rates in place, we don’t anticipate much change in the market in the coming months.
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