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After more than two years of rising rents, Manhattan prices slipped a bit as compared to last year. Rents haven't been rising as quickly as they did in the previous year and the mortgage rate jump last spring pulled many would-be renters into the sales market by the end of the summer. Landlord concessions continued to be rare, but tenants continued to resist rent increases at the time of lease renewal by seeking better affordability if it could be found. With rising mortgage rates and tight credit we expect rents to remain at a plateau for the coming quarters. Brooklyn rental prices continued to rise at a fast pace reaching their highest level in five years. Marketing times were faster and there was limited negotiation of list price. An increasing number of renters challenged by higher prices were seeking out affordability rather than renewal. We expect this trend to continue into next year.
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.
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