Industry NewsRentals

Mixed news on Manhattan borough rentals

by
Jan 27
  • Landlords in Brooklyn, Manhattan and Queens were forced into making concessions to attract renters, who cite affordability as a major impediment to signing a lease.
  • Brooklyn rents remained strong for smaller apartments and weak for larger ones.
  • Manhattan sees continued rental growth, according to Douglas Elliman analysts, although the rental rate has slowed since the end of summer.
  • Median rental price in Manhattan increased 3.1% to $3,350 from the same period a year ago, rising for the 22nd consecutive month.

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Douglas Elliman analysts report mixed news for Brooklyn landlords and rental agents and underwhelming news for the same in Queens as we head into the end of the first month of 2016. The real estate analysis firm reports the same is true for Manhattan in its latest report on Brooklyn, Queens and Manhattan rental prices. In all three locations, landlords were forced into making concessions to attract renters, who cite affordability as a major impediment to signing a lease. The situation was the worst in Queens, where rental rates declined the last two months of 2015; hardest hit was the borough’s northwest section. Rental price trends in northwest Queens remained volatile as all rental price indicators fell short of last year's marks. Median rental price declined 10.1 percent to $2,551 from the same period a year ago. As is the case in most of the region, Douglas Elliman reports that rents for smaller apartments outperformed larger apartments, which is usually the case ...