douglas elliman rentals 2.2014 report

8/12/2019 Douglas Elliman Rentals 2.2014 Report

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MANHATTAN&BROOKLYN RENTALS FEBRUARY-201

The Douglas Elliman Report series is recognized as the industry standard for

providing the state of the residential real estate market in the New York City

metropolitan region. The report includes an extensive suite of tools to help

readers objectively identify and measure market trends, provide historical context

to current information and provide comprehensive analysis of the results.

PREPARED BYMILLER SAMUEL

Appraisal and consulting services covering the New York City metropolitan a

Manhattan Rental w/Concessions FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-

Average Rental Price $3,902 3.9% $3,757 -0.9% $3,9

Rental Price per Square Foot $49.32 -1.0% $49.80 -4.0% $51.

Median Rental Price $3,077 -0.1% $3,079 -3.1% $3,1

Number of New Rentals w/Concessions (%) 9.1% 13.1% 5.5Free Rent/Owner Paid (Mos) 1.0 0.0% 1.0 0.0% 1

(Net Effective Re

MANHATTAN

Median Rental Price Number of New RentalsMANHATTAN RENTAL

Sep-12

Aug-12

Ju

l-12

Jun-12

May-12

Ap

r-12

Ma

r-12

Feb-12

Jan-12

Dec-11

No

v-11

Oc

t-11

Sep-11

Aug-11

Ju

l-11

Jun-11

Ma

y-11

Ap

r-11

Ma

r-11

Feb-11

Jan-14

Feb-14

Dec-13

Nov-13

Oc

t-13

Sep-13

Aug-13

Jun-13

Ju

l-13

May-13

Ap

r-13

Ma

r-13

Feb-13

Jan-13

Dec-12

Nov-12

Oc

t-12 0

1,2

2,4

3,6

4,8

6,0

$2,500

$2,740

$2,980

$3,220

$3,460

$3,700

Manhattan Vacancy Rate FEB-14 JAN-14 FEB-1

Manhattan 1.87% 1.81% 1.69%

Downtown 2.00% 2.49% 1.63%

East Side 2.03% 1.10% 1.48%

West Side 2.09% 1.63% 2.22%

Uptown 0.98% 1.24% 1.51%

Manhattan Rental Market FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-




Number of New Rentals 3,192 6.4% 2,999 3.1% 3,0

Days on Market (From Original List Date) 53 -13.1% 61 -8.6%

Listing Discount (From Original List Price) 3.5% 3.6% 4.6

Listing Inventory 5,218 2.7% 5,080 -0.3% 5,23

(Face Ren

Manhattan Median Rental Priceby Property Type

FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-1

Doorman $3,595 0.4% $3,581 3.5% $3,4

Non-Doorman $2,590 1.6% $2,550 -3.5% $2,68

Loft $5,400 9.1% $4,950 -6.4% $5,76Luxury [Top 10%] $8,595 7.4% $8,000 5.2% $8,1

Super-Luxury [Top 5%] $12,243 16.0% $10,554 2.0% $12,00

New Development $3,200 -28.5% $4,475 -28.4% $4,46(Face Ren

Manhattan continued to see

rental prices slip compared to the

same period last yearFor the sixth

consecutive month, the year-over-year

median rental price fell below the prior year

level. Median rental price declined 2.8%

to $3,100 from the same month last year.

As a result, rental prices have generally

remained flat on a monthly basis since last

summer. The other price indicators also

showed similar declines. Average rental

price slipped 0.6% to $3,932 and averagerental price per square foot fell 3.7% to

$49.70 respectively from the same period

last year.

Concessions by landlords

expanded from prior year but

slipped from prior monthThe market

share of concessions nearly doubled

to 9.1% from the same period last year

but fell from 13.1% in the prior month.

The average size of a concession has

remained steady at 1 months equivalent

rent. Days on market, the number of days

from original list date to contract date,

was five days faster than the year ago

period. Listing discount, the percentage

difference between the original list price

and rental pr ice, fell to 3.5% from 4.6% in

the same month a year ago.

Vacancy rate edged above year ago

and prior month averageThe overall

vacancy rate for Manhattan increased to

1.87% from 1.69% in the same month last

year, consistent with the expanded use of

concessions by landlords.


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DOWNTOWN

Price indicators were mixed, but

more weakness at upper end of

market Median rental price declined

0.5% to $3,459 from the same month a

year ago. Studio and 1-bedroom units

edged higher, rising 1.5% and 2.4%

respectively from the same period last

year. 2-bedrooms and 3-bedrooms

declined 7.8% and 20.3% respectively

over the same period.

New rental activity continued to

decreaseThe number of new rentals

fell 19.4% to 1,353 from the same month

last year as tenants continued to search

elsewhere for greater affordability at the

time of lease renewal. All size categories

reflected year-over-year declines

consistent with the overall region.

The vacancy rate expanded above

year ago levelsThe vacancy rate for the

region was 2%, up 1.63% from last year.

FEBRUARY-2014

Visit our website to browse listings and learn more about market trends

Downtown Studio FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13

Average Rental Price $2,659 -1.7% $2,706 2.6% $2,591

Rental Price per Square Foot $57.55 -0.4% $57.81 -0.8% $58.03

Median Rental Price $2,537 -2.2% $2,595 1.5% $2,500

Number of New Rentals 348 6.1% 328 -14.3% 406

Downtown 1-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13

Average Rental Price $3,702 3.1% $3,590 0.6% $3,680

Rental Price per Square Foot $55.98 3.9% $53.87 -2.9% $57.64

Median Rental Price $3,482 1.8% $3,422 2.4% $3,400


Downtown 2-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13



Median Rental Price $4,995 0.0% $4,995 -7.8% $5,419


Downtown 3+ Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13





EAST SIDE

Rental price indicators generally

decreased from year ago levels

Overall median rental price declined

2.6% to $2,826 from the same month lastyear. While studios showed no change

in median rental price over the same

period, 1-bedrooms, 2-bedrooms and

3-bedrooms declined 2.9%, 2% and

13.8% respectively from the same

month last year as the market continued

to weaken.

New rental activity weakenedThere

was greater parity between landlords

and tenants in February as fewer tenants

opted to renew at the time of lease

renewal. The number of new rentalsslipped 0.4% to 908 from the same month

last year. All size categories fell below

year ago levels with the exception of the

2-bedroom market that jumped 20.8%


The vacancy rate increased from

same period last yearThe vacancy

rate was 2.03%, up from 1.48% in the

same month a year ago.

Manhattan rental market bySIZE

The Ell iman Report Monthly Survey of Manhattan & Brooklyn Residential Rent

East Side Studio FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13


Rental Price per Square Foot $52.74 7.7% $48.97 -2.3% $53.98Median Rental Price $2,100 1.2% $2,075 0.0% $2,100


East Side 1-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13

Average Rental Price $3,043 -0.7% $3,064 -1.1% $3,076




East Side 2-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13

Average Rental Price $5,220 5.7% $4,940 -0.1% $5,223Rental Price per Square Foot $53.93 21.6% $44.35 -1.2% $54.61


Number of New Rentals 203 18.7% 171 20.8% 168

East Side 3+ Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13




Number of New Rentals 58 -4.9% 61 -4.9% 61


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The Ell iman Report Monthly Survey of Manhattan & Brooklyn Resident ial Rentals FEBRUARY-201

Visit our website to browse l istings and learn more about market trends

WEST SIDE Overall rental price indicators were

below last years levelsMedian

rental price slipped 3% to $3,200 from

the same month last year and fell across

all size categories with the exceptionof 2-bedrooms, which rose 3.9% over

the same period to $5,012. Studios,

1-bedrooms and 3-bedrooms slipped

5.5%, 6.2% and 24.9% respectively over

the same period.

New rental activity saw a nominal

gain, reflecting parity between

partiesThe number of new rentals

increased 6.4% to 678 from the same

month a year ago. The individual size

categories had mixed results but generally

showed modest gains reflecting more

agreement between landlord and tenant at

the time of renewal.

Although vacancy fell below year

ago levels, it was highest of four

regionsThe vacancy rate for the West

Side fell to 2.09% from 2.22% in the same

month last year.

UPTOWN Price indicators generally rose

across all categoriesMedian rentalprice increased 15.9% to $1,950 from the

same period last year. All size categories

posted gains in this metric over year

ago levels. The largest rise was 20% in

the 1-bedroom market and the smallest

increase was 5.3% in the studio market.

Number of new rentals expanded

across all unit sizesThe number

of new renta ls increased 37.5% to 253

from the same period last year. More

resistance to rising rental prices was

seen in larger unit categories. Fromthe same month a year ago, studios

increased 21.4%; 1-bedrooms rose

34.6%; 2-bedrooms increased 47.3%;

and 3-bedrooms expanded 43.5%.

The Uptown vacancy rate is once

again below the one percent

thresholdThe average vacancy rate

fell to 0.98% from 1.51% in the same

month last year.

West Side Studio FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13




Number of New Rentals 144 -11.1% 162 9.1% 132

West Side 1-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13





West Side 2-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13





West Side 3+ Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13





Uptown Studio FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13


Rental Price per Square Foot $39.61 1.8% $38.90 65.1% $23.99Median Rental Price $1,500 10.8% $1,354 5.3% $1,425


Uptown 1-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13





Uptown 2-Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13


Rental Price per Square Foot $28.50 3.8% $27.46 6.3% $26.82



Uptown 3+ Bedroom FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-13





Manhattan rental market bySIZE


4/4

DOUGLAS ELLIMAN REAL ESTATE575 Madison Avenue, New York, NY 10022 212.891.7000 elliman.com

RENTAL OFFICE4 Leonard Street, New York, NY 10022 212.350.8500 ellimanrentals.com

MILLER SAMUEL REAL ESTATE APPRAISERS21 West 38th Street, New York, NY 10018 212.768.8100 millersamuel.com

2014 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED

CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITE

SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS ARE DEEMED RELIABLE, BUT SHOULD BE VERIFIED BY YOUR

ATTORNEY, ARC HITECT OR ZONING EXPERT. IF YOUR PROPE RTY IS CURRE NTLY LIST ED WIT H ANOTH ER RE AL ESTATE BROKER, PLEASE DISREGARD THIS OFF ER. IT IS NOT

INTENT ION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.

For more information or electronic copies of this report

please visit elliman.com/marketreports. Email report

author Jonathan Miller at [email protected] with

questions or comments.

Report Methodology:

http://www.millersamuel.com/research-reports/

methodology

BROOKLYN

Rental prices continued to rise in

the new yearAll rental price indicators

continued to post year-over-year gains.

Median rental price rose 11.6% to

$2,890 from the same period a year

ago, marking the ninth consecutive

monthly gain. These results outpaced

the luxury market, whose median rental

price increased 4.5% over the same

period. Average rental price expanded

2.6% to $3,178 and average rental price

per square foot increased 3% to $38.12


Reflecting tenant pushback fromrising prices, the number of new

rentals rose sharplyThere were

392 new rentals during the month, up

40% from the same month last year as

tenants continued to seek affordability

elsewhere at time of renewal. This

pattern was consistent across all unit

sizes including the luxury market.

Negotiability fell as days on

market edged lowerThe listing

discount fell sharply to 3% from 6.4%

in the same period last year. Days onmarket saw a nominal decline to 42

days from 43 days during the same

period last year.

Overshadowing the upper end,

the pattern of price growth in

the entry-level market continued

The median rental price of studio and

1-bedroom apartments increased 27.2%

and 15.4% respectively from the same

month last year. The 2-bedroom and

3-bedroom median sales price slipped

1.1% and 8.1% respectively over the

same period.

Brooklyn Studio Rental Matrix FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-1





Brooklyn 1-Bedroom Rental Matrix FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-


Rental Price per Square Foot $40.18 1.8% $39.46 4.4% $38.



Brooklyn 2-Bedroom Rental Matrix FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-1





3+-Bedroom Rental Matrix FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-




Number of New Rentals 53 -1.9% 54 47.2%

Brooklyn Rental Market FEB-14 %Chg (MO) JAN-14 %Chg (YR) FEB-


Rental Price per Square Foot $38.12 7.9% $35.34 3.0% $37.



Days on Market (From Original List Date) 42 -33.3% 63 -2.3%

Listing Discount (From Original List Price) 3.0% 6.5% 6.4

(Face Re

FEBRUARY-2014 The Ell iman Report Monthly Survey of Manhattan & Brooklyn Resident ial Rent

Brooklyn rental market bySIZE

Note: The Brooklyn rental market analysis is comprised of transactions in the north and northwest regions of the borou

Median Rental Price Number of New RentalsBROOKLYN RENTAL

0

1

2

3

4

6

$1,200

$1,600

$2,000

$2,400

$2,800

$3,200

Sep-12

Aug-12

Jul-12

Jun-12

May-12

Apr-12

Mar-12

Feb-12

Jan-12

Dec-11

Nov-11

Oct-11

Sep-11

Aug-11

Jul-11

Jun-11

May-11

Apr-11

Mar-11

Feb-11

Jan-14

Feb-14

Dec-13

Nov-13

Oct-13

Sep-13

Aug-13

Jun-13

Jul-13

May-13

Apr-13

Mar-13

Feb-13

Jan-13

Dec-12

Nov-12

Oct-12

douglas elliman rentals 2.2014 report

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