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For the first time since August, Manhattan rental prices did not slip, stabilizing at a high level. Although the use of concessions by landlords is more common now than last year, their use hasn’t increased since the beginning of the year. The vacancy rate edged a little higher and marketing times remain short. The overall market remains strong and it is expected to benefit from tight mortgage lending conditions and an improving economy in the coming months.
The Brooklyn rental prices have increased for 10 consecutive months, setting a new record in March. Rental prices for the Manhattan and Brooklyn markets remain close and prices are up across all apartment sizes. Marketing times are faster than last year and negotiability between landlords and tenants remains limited. With rising employment in the city and the growing popularity of Brooklyn as a point of entry for new residents, we anticipate tight market conditions through the spring.
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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© 2016. 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. 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.
We are an equal housing opportunity provider. Consistent with applicable law, we do not discriminate on the basis of race, creed, color, national origin, sexual orientation, lawful source of income, military status, sex, gender identity, age, disability, familial status (having children under age 18), or religion. Equal Housing Opportunity.