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Reports And Guides

January - 2015 Manhattan, Brooklyn and Queens Rentals

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Report Summary

Manhattan rental prices continued to exceed last year’s levels. Median rent rose to the third highest level since 2008. Landlord concessions, marketing times, and negotiability all fell as the market remained tight. We expect this pressure on prices to continue in the coming months as New York City’s economy continues to improve.

Rents in Brooklyn have been up year-over-year in all but two of the past 20 months. There has been more resistance by tenants to rising rents, but the use of concessions, marketing times, and negotiability all remain low. Tight rental market conditions are expected to remain in place throughout the first quarter.

Northwest Queens rental prices continued to rise across all apartment sizes. More than forty percent of all rentals were within new developments this month. The 1-bedroom rental market remained the largest, twice the size of the 2-bedroom and 3-bedroom activity combined.

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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.

© 2015. 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.