Another Rent Report Shows Prices Dipping

In addition to the Miller Samuel/Douglas Elliman report we linked to early this morning, NYC broker MNS Real Estate also showed average monthly rents dropping in Manhattan and Brooklyn in reports released today.  

In Manhattan, average rental prices in December decreased for the second consecutive month, to $3,756, after four consecutive monthly increases that reached a yearly high in October of $3,905.

Average Brooklyn rents dropped 1.12%, to $2,587 in December 2013, from $2,617 in November  since the previous month.  Average pricing for two bedroom Brooklyn units dropped by 2% to $3,237 in December, from $3,340 in November.

MNS is a broker with two offices in Manhattan and two in Williamsburg, Brooklyn.  The reports break down pricing in 15 Manhattan neighborhoods and 15 Brooklyn neighborhoods.

MNS chief executive officer Andrew Barrocas in a press release notes a lack of inventory in Battery Park City that raised rents 10.8%, to $4,341 in December, from $3,917 a year earlier, the largest jump in the period.  Barrocas also cites as significant Harlem’s 3.3% average rents' rise, and Midtown West’s 3.15% over-the-year hike.

Barrocas also notes that a combination of increased demand and new rental properties sparked a significant increase in some of the average Brooklyn prices, despite the overall price drop. Bushwick had the largest over-the-year increase, 8.2%, to $2,005 average rent in December 2013, from $1,853 in December 2012.

The report notes that Bushwick two bedrooms decreased 4.9% in December, to $2,161 from November, but "sustained demand for this type of unit has resulted in a 15%  increase since 2012[,] up from $1,868."

MNS says its Manhattan Rental Market Reports are based on data "cross-sectioned from over 10,000 currently available listings located below 125th Street and priced under $10,000," omitting "ultra-luxury property . . . to obtain a true monthly rental average." MNS says it combines its data with the REBNY Real Estate Listings Source, OnLine Residential (OLR. com), and data from Real Plus LLC. The Brooklyn report is similarly compiled.

The Manhattan report is available HERE; the Brooklyn report can be found HERE.  

 

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