Strong price growth has defined the Manhattan rental market for the past two years. Landlord concessions remain rare and vacancy rates are still very low. Marketing times remain short and there is limited negotiation on price. The key drivers of high demand include improving New York City economy and tight mortgage lending conditions, both of which are expected continue through the year.
For the second consecutive month, Brooklyn rental price growth slowed from year ago levels but it is not yet clear whether this is a sustainable trend. The market has enjoyed strong growth for much of the past two years and the number of new rentals jumped as more tenants opted to search for affordability rather than renew. The key drivers of tight credit and rising employment remain firmly in place and we expect Brooklyn rents to remain elevated over the near term.
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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