Is the Residential Rental Market Easing?

Manhattan rental prices slipped from year-ago levels for the third consecutive month, according to the monthly Douglas Elliman rental prices report, which is prepared for the residential broker and management firm by Miller Samuel.

The overall Manhattan and Brooklyn median rental price slipped 3% to $3,100, from $3,195 a year earlier, according to the November report.

Elliman says that there has been "a small increase" in landlord concessions "to keep vacancy rates low."

Prices continue to rise in Brooklyn. The median price in the borough was $2,800 last month, a 3.8% rise from $2,698 in November 2012.

Two other key findings:

  • "Consistent with the weakening of rental price indicators and the expanded use of concessions, the number of new rentals fell," and
  • "Vacancy rate at highest level in more than 7 years: The Manhattan vacancy rate jumped to 2.8% from 1.59% during the same month last year as the rental market competed with an unusually active sales market."

You can access the full Elliman Report HERE.

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