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Reports And Guides

June - 2013 Manhattan And Brooklyn Rentals

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Report Summary

There wasn't much relief for Manhattan renters in June. Median price edged up slightly as rents remained at high levels and landlord concessions such as free rent were rare. Although negotiability remained unchanged, it is taking a bit longer than last year for landlords to rent their apartments. We don't see much change on the horizon as tight credit and rising employment are expected to continue over the next year.

After two months of slowing price growth in Brooklyn, there was a jump in rental prices for June, the largest gain in nearly a year. The rise in rents was consistent across all sizes. Properties are taking somewhat longer for landlords to rent and negotiability was basically unchanged from this time last year. Similarly to Manhattan, we don't see much weakness in the direction of rental prices over the coming year.

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