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Reports And Guides

October - 2013 Manhattan And Brooklyn Rentals

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Report Summary

This summer’s record sales activity pulled some of the demand from the Manhattan rental market, causing prices to slip slightly from prior year levels. Vacancy rates rose to more normal levels as marketing times and negotiability remained tight and the use of landlord concessions were limited. We don’t expect much relief in rental prices for tenants anytime soon as the economy continues to improve and mortgage lending conditions remain tight.

As they have for most of 2013, Brooklyn's rental prices continued to rise. The pace of the market remained fast, with rapid marketing times and less negotiability than we saw last year. New rental activity was brisk, as tenants continued to resist rental price increases at time of lease renewal, seeking out greater affordability but with limited options. We anticipate tight market conditions through the remainder of the year.

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