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Reports And Guides

August - 2014 Manhattan, Brooklyn and Queens Rentals

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Report Summary

The Manhattan rental market remained tight with declining vacancy, shorter marketing times and limited use of landlord concessions. Rental prices edged higher for the sixth consecutive month but results were mixed across all apartment sizes.  Luxury and upper tier apartment prices rose faster than the remainder of the market. An improving economy, tight credit and limited sales inventory continued to keep the pressure on the rental market. We expect similar conditions over the fall rental season.

Although Brooklyn's 14-month streak of rising rental prices was broken in August, the market remains unusually challenging for renters. Rent gains persisted for studio and 1-bedroom apartments as rents declined for larger apartments. Landlord concessions remained rare while the discount from Manhattan rental prices remained low. We anticipate similar conditions to remain in place over the coming months.

Every size category from studios to 3-bedroom apartments in Queens had higher rents than last year. Overall rents declined due to more studio activity and a large increase in 1-bedroom rents. New development activity continued to account for a large part of the market. We expect Queens to continue to benefit from strong demand over the coming months, as tenants in other boroughs seek out affordability.

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All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

© 2014. Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.