Over the past four months Manhattan rental prices have continued to increase, reaching the highest peaks in more than five years. The market has tightened as a result of falling vacancy rates and limited use of concessions by landlords. Tough mortgage lending requirements and an improving local economy are expected to keep upward pressure on rents over the next several months.
Brooklyn rental prices have increased for a record 13 consecutive months, but not as quickly as we observed at this time last year. Although there is limited negotiability over rental prices and the use of concessions by landlords is rare, more tenants sought greater affordability at the time of their lease renewal. While prices aren’t rising at the same pace as last year, we don’t anticipate weaker rents in the coming months.
In our new, expanded rental report covering the northwestern region of the borough, Queens metrics demonstrated faster marketing times, despite overall rents slipping after four months of increases. Nearly half of all rentals in the market were found in recently developed rental buildings. Reflecting Manhattan and Brooklyn markets, we anticipate the Queens rental market will remain tight through the summer.
Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends.
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