quarterly market report q2 2015 - the real deal · page 16 brooklyn rent prices eased slightly from...

Quarterly Market ReportQ2 2015

StreetEasy Quarterly Market Report Q2 2015 | PAGE 2

MANHATTAN

Manhattan sale prices saw healthy growth in the

second quarter, though the growth rate was roughly

half the 2014 annual rate.

Page 4

Sluggish inventory growth in Manhattan kept prices

at an all-time high, especially as the number of co-op

listings decline.

Page 6

Tight inventory and resilient demand, both domestic

and international, meant that the typical Manhattan

homeseller received nearly 100 percent of initial asking

price in the second quarter.

Page 8

Manhattan rent prices inched up as the busy summer

season approaches - led by strong price growth among

studio apartments.

Page 9

Welcome to the StreetEasy Quarterly Market Report

BROOKLYN

Brooklyn sale prices reached an all-time high, led

by double digit growth in the borough’s Northwest

submarket.

Page 12

Homes priced in the top price tier spent the shortest

amount of time on the market in Brooklyn, highlighting

strong buyer demand for newer and more luxurious

apartments.

Page 15

Bidding wars were the rule and not the exception in

some neighborhoods in Brooklyn’s Prospect Park

submarket.

Page 16

Brooklyn rent prices eased slightly from last year,

though lagging income growth makes Brooklyn’s rent

burden the greatest among all boroughs.

Page 17

We’re pleased to introduce our new Quarterly Market Report , powered by New York City’s largest and most comprehensive database of sales and rental

listings. Here you will find analysis and an extensive range of metrics for the sales and rental markets in Manhattan and Brooklyn in the second quarter of

2015. Our team of researchers highlighted a few notable trends in each borough from Q2 data:

To read more about New York City real estate market trends from StreetEasy, visit StreetSmarts at streeteasy.com/blog/research and join the conversation on Twitter using #StreetSmarts.

While Manhattan home prices reached a record-high in June, annual

price growth among resales was roughly a quarter less than the 2014

rate at the close of the second quarter. The median resale price of all

Manhattan homes rose 5.8 percent year-over-year in June to a median

of $936,683, according to StreetEasy’s Manhattan Price Index (MPI).

Monthly price growth across the borough has slowed for 17 consecutive

months.

The key market force driving high prices in Manhattan is constrained

inventory. Although the number of for-sale listings available

throughout the quarter rose by 14.1 percent from the previous quarter

in an expected seasonal boost, inventory was just 0.1 percent above

last year’s total. The lack of significant growth of available units was

due in large part to a 3.1 percent decline in co-op listings. Listings for

condos and townhouses in Manhattan managed to grow by 3.0 percent

and 11.0 percent from last year, respectively.

SELLERS GET SMART WITH PRICING STRATEGIES

Key price indicators in the second quarter show that many Manhattan

sellers are effective with their pricing strategies. The share of all listings

that saw a price cut during the second quarter declined to 25.9 percent

from 32.0 percent last year and the size of the median discount fell

slightly to 6.25 percent from 6.51 percent in the second quarter of 2014.

The median sale-to-list price ratio in Manhattan rose to 98.9 percent,

an increase of 0.5 percent from last year, meaning sellers were able to

receive most if not all of their initial asking price in the second quarter.

CONTRACT ACTIVITY STRONG IN Q2

As is typical for second quarters, the total number of pending sales

saw healthy growth from the previous quarter, increasing by 25.3

percent to 3,338, which was 0.8 percent greater than last year. The

fact that pending sales volume increased since last year despite price

growth and short supply is a testament to the strength of domestic

and international demand for Manhattan real estate. Homes that went

into contract in the second quarter spent a median time of just 44 days

on the market, one day longer than last year which itself was a record

low according to StreetEasy data. Eagerness to lock in a low mortgage

interest rate and fierce competition among other buyers are the key

drivers behind the resiliency of contract activity and near-historic short

time on market.

LOW VACANCY FUELS HIGHER RENT PRICES

According to government figures, Manhattan’s rental vacancy rate was

just 4.1 percent in 2014. The result is fierce competition among renters,

higher rents, and a growing affordability problem for many Manhattan

residents as rent price growth outpaces income growth. The median

asking rent in the second quarter increased by 1.5 percent from last

year to $3,300, a new record high according to StreetEasy data, which

goes back to 2008. Studios saw the greatest increase in price, with

median asking rent increasing by 5.1 percent to $2,495, while the

median asking price for 1 bedroom units was unchanged at $3,200.

The most expensive submarket was Downtown, with a median asking

rent of $3,700, followed by Midtown ($3,500), Upper West Side ($3,350),

Upper East Side ($2,850) and Upper Manhattan ($2,150).

Supply shortgage fuels high prices in Manhattan, but price growth slows in Q2


Q2 2015 by the numbers

Manhattan

+5.8%ManhattanPrice IndexYear-over-Year

+0.1%InventoryYear-over-Year

$960,000Median Sales Price

44 DaysMedian Time on Market

$1,280Median Price perSquare Foot

+0.4%Manhattan Price ForecastMonth-over-Month

$3,300Median Asking Rent

+0.8%Pending Sales VolumeYear-over-Year

($957,982), Midtown ($764,213), and Upper Manhattan ($530,378).

Although homes in Upper Manhattan had the lowest median resale

price, they posted the highest annual growth rate at 9.6 percent -

nearly twice the Manhattan-wide rate.

Prices are expected to rise yet again in July, according to StreetEasy’s

Manhattan Price Forecaset, which calls for the median resale price to

increase 0.4 percent from June to $940,217.

Manhattan resale price growth in June slows by 25 percent from 2014 rate

$936,683 (+5.8%)Manahttan Price IndexJune 2015Year-over-Year

$940,217 (+0.4%)Manhattan Price ForecastJuly 2015Month-over-Month

MANHATTAN PRICE INDEX

Manhattan resale prices continued to increase in June although the

year-over-year growth rate slowed to roughly three-quarters of the

2014 rate. June resale prices were 5.8 percent higher than last year,

reaching a median of $936,683 according to StreetEasy’s Manhattan

Price Index. The median resale price of all homes closed the second

quarter 11.1 percent above the previous market peak level ($842,759)

set in April 2008, according to the Index.

Homes in the Downtown market had the highest resale price ($1.18

million), followed by Upper West Side ($1.10 million), Upper East Side


1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

Downtown Upper West Side Upper East Side Midtown Upper Manhattan All Manhattan

Man

hat

tan

Pri

ce I

nd

ex L

evel

MANHATTAN PRICE INDEX


Key price indicators point to a strong seller’s market A smaller share of Manhattan homes saw

a price cut in Q2 - and the typical price

cut for those homes was smaller than last

year. The share of all homes available

for sale that saw a price cut fell to 25.9

percent from 32.0 percent a year ago,

while the median discount fell slightly to

6.25 percent from 6.51 percent a year ago.

Inventory 1

Total Sales Inventory

Bottom Price Tier 2

Middle Price Tier

Top Price Tier

Condo

Co-op

Townhouse & Single Family

Total Newly Listed Sales Inventory

Median Asking Price

Condo

Co-op


Median Asking Price Per Sq. Foot

Share of Units w/ a Price Cut

Median Price Cut

Q2 2015

11,797

22.6%

29.5%

47.9%

5,448

5,966

383

5,174

$1,375,000

$1,900,000

$825,000

$9,750,000

$1,503

25.9%

-6.25%

Q1 2015

10,335

24.0%

28.8%

47.2%

4,717

5,281

337

4,375

$1,320,000

$1,910,000

$785,000

$8,580,000

$1,476

30.9%

-6.62%

Q2 2014

11,790

23.2%

28.0%

48.8%

5,289

6,156

345

5,161

$1,190,000

$1,759,500

$729,000

$7,285,000

$1,333

32.0%

-6.51%

(YOY)

0.1%

3.0%

-3.1%

11.0%

0.3%

15.5%

8.0%

13.2%

33.8%

12.7%

(QOQ)

14.1%

15.5%

13.0%

13.6%

18.3%

4.2%

-0.5%

5.1%

13.6%

1.8%

MANHATTAN SALES INVENTORY

1 Inventory data based on sales listings of condos, co-ops, townhouses, and single family homes available on StreetEasy.2 Price tier shares are based on total number of all Manhattan homes available during Q2 2015. Bottom tier is comprised of homes priced up to $673,000; middle tier are homes priced between $673,000 and $1.46 million; top tier is homes priced above $1.46 million.


Homes snatched up quickly as demand exceeds supplyLow supply in Manhattan and a seasonal

boost to buying activity meant that

available homes went into contract

quickly in Q2. The typical home spent

just 44 days on the market , one day more

than last year and 15 days shorter than

last quarter. Co-ops spent the least time

on the market, typically lasting only 41

days, while condos took a median time of

49 days to enter contract.

How is time on the market measured?

The number of days from the original

listing on StreetEasy to when it enters

contract. After a buyer enters contract on a

unit, it is pulled from the market and is no

longer available to other buyers - creating

a logical end point to “days on market.”

Pending Sales 1

Total Pending Sales

Bottom Price Tier 2

Middle Price Tier

Top Price Tier

Condos

Co-ops


Median Days on Market

Bottom Price Tier

Middle Price Tier

Top Price Tier

Condo

Co-op


Q2 2015

3,338

27.9%

34.9%

37.3%

1319

1977

42

44

42

39

54

49

41

112

Q1 2015

2,665

27.2%

34.2%

38.6%

1091

1529

45

59

60

44

72

63

52

136

Q2 2014

3,310

26.0%

32.7%

41.2%

1341

1921

48

43

50

38

44

43

44

42

(YOY)

0.8%

-1.6%

2.9%

-12.5%

(QOQ)

25.3%

20.9%

29.3%

-6.7%

MANHATTAN PENDING SALES

1 Pending sales data includes condos, co-ops, townhouses, and single family homes.

2 Price tier shares are based on total number of all Manhattan homes available during Q2 2015. Bottom tier is comprised of homes priced up to $673,000; middle tier are homes priced between $673,000 and $1.46 million; top tier is homes priced above $1.46 million.


Recorded Sales 1

Total Recorded Sales

Median Sales Price

Condo

Co-op


Median Price Per Square Foot

Average Sales Price

Condo

Co-op


Average Price Per Square Foot

Sale-to-List Price Ratio

Most Expensive Sale

Q2 2015

3,802

$960,000

$1,267,500

$745,500

$6,665,000

$1,280

$1,760,196

$2,207,625

$1,352,604

$8,495,193

$1,394

98.9%

$47,782,186

Q1 2015

3,493

$950,000

$1,303,360

$699,500

$8,825,000

$1,248

$1,712,098

$2,104,776

$1,280,206

$12,515,639

$1,382

97.7%

$91,541,053

Q2 2014

4,401

$895,000

$1,269,500

$695,000

$7,400,000

$1,166

$1,566,749

$1,996,499

$1,213,370

$7,548,455

$1,278

98.4%

$70,000,000

(YOY)

-13.6%

7.3%

-0.2%

7.3%

-9.9%

9.8%

12.3%

10.6%

11.5%

12.5%

9.1%

0.5%

-31.7%

(QOQ)

8.8%

1.1%

-2.8%

6.6%

-24.5%

2.6%

2.8%

4.9%

5.7%

-32.1%

0.9%

1.2%

-47.8%

MANHATTAN RECORDED SALES

1 Sales data is based on Manhattan condo, co-op, townhouse, and single family home transactions recorded by the New York City Department of Finance as of July 15, 2015 and adjusted using a multiplier. This may not represent all Q2 2015 sales transactions.


Low vacancy pushes asking rents higher in ManhattanWith the official vacancy rate at less than

4 percent, according to recent Census

data, the Manhattan rental market

remains highly competitive. The median

asking monthly rent rose 1.5 percent from

last year to $3,300. The price of studio

apartments saw the greatest increase in

the last year, rising 5.1 percent to $2,495.

Rental Inventory 1

Total Rental Inventory

Studio

1 Bedroom

2 Bedroom

3+ Bedroom

<$1,500

$1,500 - $2,499

$2,500 - $3,499

$3,500+

Median Asking Rent

Studio

1 Bedroom

2 Bedroom

3+ Bedroom

Share of Units w/ Price Cut

Q2 2015

39,577

8,201

16,016

10,297

5,066

1.1%

23.1%

31.1%

44.7%

$3,300

$2,495

$3,200

$3,995

$5,400

23.6%

Q1 2015

31,267

6,647

13,034

7,974

3,612

1.6%

26.0%

31.0%

41.7%

$3,200

$2,400

$3,195

$3,995

$5,450

29.9%

Q2 2014

36,691

7,586

15,654

9,510

3,941

1.6%

24.7%

31.6%

42.5%

$3,250

$2,375

$3,200

$4,176

$5,595

28.7%

(YOY)

7.9%

8.1%

2.3%

8.3%

28.5%

1.5%

5.1%

0.0%

-4.3%

-3.5%

(QOQ)

26.6%

23.4%

22.9%

29.1%

40.3%

3.1%

4.0%

0.2%

0.0%

-0.9%

MANHATTAN RENTAL INVENTORY


1 Rental inventory data based on rental listings of condos, co-ops, townhouses, and single family homes available on StreetEasy.

Manhattan Downtown Midtown Upper West Side Upper East Side Upper Manhattan

101%

100%

99%

98%

97%

96%

95%

Sale

-to

-Lis

t P

rice

Rat

io

2015 Q2 2014 Q2

98.9%

98.4%

99.6%

99.2%

98.2%

97.4%

100.0% 100.0%

97.7%

99.5%99.3%

97.4%

Median Sale-to-List Price Ratio, by Submarket

Manhattan sellers get more of initial asking price in Q2Manhattan home sellers were able to

get more of their initial asking price

in the final sale price in Q2 as supply

continues to lag behind strong domestic

and international demand. The typical

Manhattan home sold for 98.9 percent of

the intial asking price set by the seller, an

increase of 0.5 percent from last year. The

Upper West Side and Upper Manhattan

submarkets saw the highest sale-to-list

price ratios, both at 100 percent, while

the Midtown submarket saw the greatest

annual growth at 0.8 percent.


The median resale value of all Brooklyn homes reached an all-time high

at the close of the second quarter according to StreetEasy’s Brooklyn

Price Index (BPI), although annual price growth slowed to less than half

the 2014 annual growth rate. While the resale value of Brooklyn homes

grew by 10.1 percent in 2014, the year-over-year price growth in June

2015 slowed to 4.1 percent.

The small but rising number of homes available for sale has helped

to slow price growth in Brooklyn. Although the number of homes

available for sale throughout the second quarter jumped 17.4 percent

from last year to 5,262, it was still less than half (44.6 percent) of the

total number of homes available for sale in Manhattan. Inventory grew

in all five of Brooklyn’s submarkets, although the strongest growth

was seen in East Brooklyn (which includes Crown Heights, Bedford-

Stuyvesant, Bushwick, Brownsville and East New York) and North

Brooklyn (which includes Williamsburg and Greenpoint).

THE TYPICAL BROOKLYN SELLER GETS 100% OF ASKING PRICE

The median sale-to-list price ratio rose by 0.4 percent from last year to

100.0 percent in the second quarter, meaning Brooklyn home sellers

could expect to receive most if not all of their initial asking price in the

final sale of their home. Sale-to-list price ratios exceeded 100 percent

in the Prospect Park (101.8 percent) and East Brooklyn (101.2 percent)

submarkets, which were fertile grounds for bidding wars as buyers

fiercely competed for available units in those areas. Other key price

indicators show that sellers retain more of the bargaining power in

Brooklyn. The share of all homes for sale that saw a price cut fell by 4.4

percent from last year to 21.2 percent in the second quarter, and the

median discount between initial asking price and final recorded sales

price fell to 5.65 percent.

BROOKLYN HOMES SELL FASTER THAN MANHATTAN

Despite the growth in prices, Brooklyn buyers were quick to close on

sales in the second quarter. The median time on market of homes that

went into contract was 41 days – three days shorter than Manhattan

homes during the same quarter but 6 days longer than last year. Homes

sold the quickest in the Prospect Park submarket (31 days), followed

by North Brooklyn (35 days), Northwest Brooklyn (36 days), South

Brooklyn (55 days) and East Brooklyn (58 days). The demand for higher-

priced homes in Brooklyn was particularly acute in the second quarter.

Homes priced in the top price tier (above $716,000) took just 36 days to

sell, whereas homes priced in the bottom price tier (below $381,000)

took 54 days to sell, indicating that newer or higher-quality units in

Brooklyn were far more attractive to existing buyers than older and

perhaps lower-quality listings.

BROOKLYN RENTS DIP SLIGHTLY

Renters in Brooklyn face the highest rent burden in the city according

to a recent StreetEasy study, although price trends in the second

quarter could spell relief for Brooklynites. The median asking rent fell

1.0 percent from last year to $2,550. Two-bedroom rentals saw the

greatest price drop, with the median asking rent declining 7.1 percent

from last year to $2,500. The most expensive submarket was North

Brooklyn, with a median asking rent of $3,100, followed by Northwest

Brooklyn ($2,990), Prospect Park ($2,650), East Brooklyn ($2,400) and

South Brooklyn ($1,800).

Sellers’ strategy spurs bidding wars in some Brooklyn neighborhoods


+4.1%BrooklynPrice IndexYear-over-Year

41 DaysMedian Time on Market

$611,000Median Sales Price

$840Median Price perSquare Foot

+17.4%InventoryYear-over-Year

+0.2%Brooklyn Price ForecastMonth-over-Month

Q2 2015 by the numbers

$2,550Median Asking Rent

Brooklyn

($755,100), East Brooklyn ($384,389), and South Brooklyn ($378,825).

Although homes in North Brooklyn had the highest resale price, homes

in Northwest Brooklyn saw the greatest annual price appreciation at

10.1 percent.

Prices are expected rise yet again in July, according to StreetEasy’s

Brooklyn Price Forecaset, which calls for the median resale price to

increase 0.2 percent from June to $527,667.

Brooklyn resale price growth in June slows to less than half of 2014 rate

$526,474 (+4.1%)Brooklyn Price IndexJune 2015Month-over-Month

$527,667 (+0.2%)Brooklyn Price ForecastJuly 2015Month-over-Month

BROOKLYN PRICE INDEX

Brooklyn resale price growth in June slowed to less than half the 2014

rate amid strong inventory growth across the borough. June resale

prices were 4.1 percent higher than last year, reaching a median of

$526,474 according to StreetEasy’s Brooklyn Price Index. The median

resale price of all homes closed the second quarter 5.8 percent above

the previous market peak level ($497,449) set in November 2006,

according to the Index.

Homes in the North Brooklyn submarket had the highest resale price

($870,658), followed by Northwest Brooklyn ($841,157), Prospect Park


$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

North Brooklyn Northwest Brooklyn Prospect Park South Brookyn East Brooklyn All Brooklyn

Bro

okl

yn P

rice

In

dex

Lev

el

BROOKLYN PRICE INDEX


East and North Brooklyn lead the borough’s strong inventory growthThe number of homes available for sale

in Brooklyn grew 17.4 percent from last

year to 5,262, with the strongest annual

growth coming from the townhouse

and single-family segment. Among

the borough’s major submarkets, East

Brooklyn and North Brooklyn saw the

highest annual increase in available

homes, posting 45.2 percent and 37.8

percent growth, respectively.

Inventory 1

Total Sales Inventory

Bottom Price Tier 2

Middle Price Tier

Top Price Tier

Condo

Co-op


Total Newly Listed Sales Inventory

Median Asking Price

Condo

Co-op


Median Asking Price Per Sq. Foot

Share of Units w/ a Price Cut

Median Price Cut

Q2 2015

5,262

23.8%

28.5%

47.7%

2,008

1,740

1,515

1,467

$689,000

$849,000

$335,000

$950,000

$699

21.2%

-5.65%

Q1 2015

4,616

29.6%

27.8%

42.7%

1,615

1,667

1,334

1,016

$600,000

$799,000

$285,000

$899,000

$628

23.6%

-5.89%

Q2 2014

4,482

29.5%

23.9%

46.6%

1,621

1,845

1,016

944

$545,000

$725,000

$285,000

$850,000

$578

25.6%

-5.89%

(YOY)

17.4%

23.9%

-5.7%

49.1%

55.4%

26.4%

17.1%

17.5%

11.8%

21.0%

(QOQ)

14.0%

24.3%

4.4%

13.6%

44.4%

14.8%

6.3%

17.5%

5.7%

11.3%

BROOKLYN SALES INVENTORY


1 Inventory data based on sales listings of condos, co-ops, townhouses, and single family homes available on StreetEasy.2 Price tier shares are based on total number of all Brooklyn homes available during Q2 2015. Bottom tier is comprised of homes priced up to $381,000; middle tier is homes priced between $381,000 and $716,000; top tier is homes priced above $716,000.

Pending Sales 1

Total Pending Sales

Bottom Price Tier 2

Middle Price Tier

Top Price Tier

Condos

Co-ops


Median Days on Market

Bottom Price Tier

Middle Price Tier

Top Price Tier

Condo

Co-op


Q2 2015

1,467

21.2%

28.0%

50.7%

573

569

325

41

54

43

36

40

37

54

Q1 2015

1,016

24.7%

27.7%

47.6%

389

389

238

54

84

42

51

44

59

66

Q2 2014

944

15.4%

21.2%

63.5%

413

394

137

35

52

36

34

34

35

48

(YOY)

55.4%

38.7%

44.4%

137.2%

(QOQ)

44.4%

47.3%

46.3%

36.6%

BROOKLYN PENDING SALES


1 Pending sales data includes condos, co-ops, townhouses, and single family homes.

2 Price tier shares are based on total number of all Brooklyn homes available during Q2 2015. Bottom tier is comprised of homes priced up to $381,000; middle tier is homes priced between $381,000 and $716,000; top tier is homes priced above $716,000.

High demand leads to bidding wars in Prospect Park & East BrooklynThe median sale-to-list price ratio among

Brooklyn homes edged up to 100.0

percent in Q2. In Prospect Park and East

Brooklyn, the sales-to-list price ratio

exceeded 100 percent (101.8 percent and

101.2 percent , respectively), hinting at

particularly fierce competition among

buyers in those markets which led to

bidding wars for available units.

What is the sale-to-list price ratio?

The final recorded sales price of a home

divided by its initial asking price. A sale-to-

list price ratio of 90 percent means the home

sold for 90 percent of its initial asking price.

The sale-to-list price ratio reported is the

exact middle ratio among all homes that

we are able to match a recorded sale with a

listing on StreetEasy.

Recorded Sales 1

Total Recorded Sales

Median Sales Price

Condo

Co-op



Average Sales Price

Condo

Co-op


Average Price Per Square Foot


Most Expensive Sale

Q2 2015

2,272

$611,000

$913,703

$349,500

$615,000

$840

$772,576

$1,006,746

$470,656

$965,753

$813

100.0%

$15,500,000

Q1 2015

2,333

$577,500

$845,000

$332,500

$618,000

$775

$719,068

$962,439

$469,984

$870,150

$747

98.1%

$11,500,000

Q2 2014

2,610

$530,000

$802,000

$335,000

$563,500

$649

$717,868

$999,830

$435,011

$821,733

$684

99.6%

$7,500,000

(YOY)

-13.0%

15.3%

13.9%

4.3%

9.1%

29.4%

7.6%

0.7%

8.2%

17.5%

18.8%

0.4%

106.7%

(QOQ)

-2.6%

5.8%

8.1%

5.1%

-0.5%

8.4%

7.4%

4.6%

0.1%

11.0%

8.7%

1.9%

34.8%

BROOKLYN RECORDED SALES


1 Sales data is based on Brooklyn condo, co-op, townhouse, and single family home transactions recorded by the New York City Department of Finance as of July 15, 2015 and adjusted using a multiplier. This may not represent all Q2 2015 sales transactions.

Prices ease slightly in Q2, but Brooklyn rents remain highly unaffordable for most rentersAccording to a StreetEasy study of asking

rents and incomes across the city, the

typical Brooklyn household will need to

spend an estimated 60.0 percent of its

annual income on asking rent in 2015 -

the highest rent burden among all five

boroughs in New York City. The median

asking rent declined 1.0 percent from last

year to $2,550, providing a small measure

of relief to highly burdened renters in

Brooklyn.

Rental Inventory 1

Total Rental Inventory

Studio

1 Bedroom

2 Bedroom

3+ Bedroom

<$1,500

$1,500 - $2,499

$2,500 - $3,499

$3,500+

Median Asking Rent

Studio

1 Bedroom

2 Bedroom

3+ Bedroom

Share of Units w/ Price Cut

Q2 2015

22,199

1,712

6,702

7,867

5,918

5.8%

39.4%

35.6%

19.4%

$2,550

$1,900

$2,200

$2,500

$3,099

22.5%

Q1 2015

17,832

1,572

6,141

6,163

3,956

7.9%

40.0%

35.5%

16.8%

$2,500

$1,950

$2,250

$2,550

$3,000

26.0%

Q2 2014

13,603

1,331

4,586

4,622

3,064

7.4%

38.4%

34.0%

20.8%

$2,575

$2,000

$2,250

$2,700

$3,200

25.2%

(YOY)

63.2%

28.6%

46.1%

70.2%

93.1%

-1.0%

-5.0%

-2.2%

-7.4%

-3.2%

(QOQ)

24.5%

8.9%

9.1%

27.6%

49.6%

2.0%

-2.6%

-2.2%

-2.0%

3.3%

BROOKLYN RENTAL INVENTORY


1 Rental inventory data based on rental listings of condos, co-ops, townhouses, and single family homes available on StreetEasy.

160

140

120

100

80

60

40

20

0

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

Med

ian

Tim

e o

n M

arke

t (D

ays)

Condos Townhouses Co-ops All Manhattan All Brooklyn

Median Time on Market, by Unit Type

Brooklyn homes: gone in a New York minuteThe typical Brooklyn home spent just 41

days on the market in Q2, six days longer

than last year and 13 days shorter than

last quarter. Homes in Brooklyn have sold

faster than in Manhattan since the third

quarter of 2010, though the gap narrowed

to just three days in Q2. Brooklyn co-ops

spent the least time on the market,

typically lasting only 37 days, while

condos and townhouses took a median

time of 40 days and 54 days to enter

contract, respectively.


All Downtown

Battery Park City

Chelsea

Chinatown

Civic Center

East Village

Financial District

Flatiron

Gramercy Park

Greenwich Village

Little Italy

Lower East Side

Nolita

Soho

Stuyvesant Town / PCV 3

Tribeca

MANHATTAN NEIGHBORHOOD SUMMARY

1 Data provided for neighborhoods with at least 10 for-sale listings or recorded sales within the quarter.Data for all other neighborhoods is suppressed.

2 Rental data based on all available listings on StreetEasy.

3 Stuyvesant Town / PCV contains only rental units.

(YOY)

-2.8%

8.9%

-7.8%

-18.8%

-

-6.3%

17.0%

-3.3%

-21.0%

5.7%

9.1%

-4.7%

3.8%

-22.0%

-

1.1%

TotalInventory

3,437

159

521

13

6

209

482

319

226

444

12

141

27

213

0

370

SALES LISTING DATA 1 PENDING SALES DATA RECORDED SALES DATA

(YOY)

16.0%

50.2%

19.8%

220.7%

-

4.7%

23.6%

10.6%

15.6%

0.5%

3.4%

43.4%

261.1%

23.2%

-

23.0%

Median Asking Price

$1,850,000

$1,500,000

$1,995,000

$2,650,000

-

$995,000

$1,421,500

$2,500,000

$1,150,000

$1,499,500

$3,050,000

$859,000

$9,200,000

$3,695,000

-

$4,887,750

Share w/ Price Cut

23.8%

25.8%

25.1%

38.5%

50.0%

24.9%

20.1%

17.2%

23.0%

28.4%

58.3%

6.4%

11.1%

34.3%

-

23.0%

Median Price Cut

-6.2%

-5.0%

-6.0%

-15.8%

-4.1%

-6.1%

-4.0%

-5.3%

-4.5%

-7.3%

-11.0%

-4.7%

-6.1%

-8.3%

-

-7.9%

(YOY)

-1.9%

8.7%

-2.9%

-

-

29.9%

64.7%

-5.9%

-29.1%

-13.0%

-

-9.3%

-

7.3%

-

-24.2%

Pending Sales

985

50

166

3

3

87

140

80

73

127

2

49

6

44

0

72

Days on Market

43

46

46

-

-

35

69

30

37

43

-

29

42

47

-

52

(YOY)-

9.7%

5.3%

5.8%

-

-

36.2%

10.6%

-3.8%

15.6%

4.8%

-

32.7%

-

33.3%

-

24.1%

Median Sales Price

$1,197,500

$1,026,500

$1,375,000

-

-

$1,260,000

$1,095,000

$1,500,000

$910,000

$1,100,000

-

$750,000

-

$3,900,000

-

$3,285,000


99.6%

96.6%

98.7%

-

-

100.0%

99.2%

100.0%

100.0%

100.0%

-

100.0%

99.6%

98.3%

-

99.4%

(YOY)

2.8%

20.0%

5.8%

3.8%

2.5%

3.2%

3.1%

13.0%

7.6%

0.0%

-3.1%

1.7%

5.7%

12.6%

-1.5%

10.7%

Median Rent

$3,700

$4,500

$4,030

$2,700

$3,480

$3,200

$3,605

$4,965

$3,550

$3,500

$3,000

$3,000

$3,595

$4,500

$3,674

$6,395

RENTAL DATA 2


West Village

All Midtown

Central Park South

Kips Bay

Midtown

Midtown South

Midtown West

Murray Hill

Roosevelt Island

Sutton Place

Turtle Bay

All Upper East Side

Carnegie Hill

Lenox Hill

Upper Carnegie Hill

Upper East Side




(YOY)

-1.7%

6.1%

9.0%

-24.1%

18.9%

13.5%

17.1%

-2.8%

70.0%

-9.6%

10.0%

3.8%

27.5%

5.2%

-25.6%

2.1%

TotalInventory

295

2,715

109

167

428

143

494

413

34

301

474

2,772

380

926

29

826


(YOY)

-9.0%

23.7%

25.0%

26.6%

4.5%

18.0%

15.4%

7.2%

-19.0%

8.7%

14.9%

18.4%

0.0%

4.1%

42.2%

7.7%

Median Asking Price

$1,420,000

$1,175,000

$3,500,000

$695,000

$2,195,000

$1,295,000

$1,125,000

$749,000

$651,500

$1,250,000

$1,062,500

$1,657,500

$1,995,000

$1,975,000

$2,695,000

$1,717,500

Share w/ Price Cut

26.4%

29.5%

38.5%

31.1%

34.3%

33.6%

21.7%

28.6%

23.5%

39.2%

24.3%

33.3%

27.6%

37.5%

31.0%

34.3%

Median Price Cut

-6.7%

-5.6%

-7.9%

-5.6%

-6.7%

-5.4%

-4.4%

-4.6%

-2.2%

-6.3%

-5.4%

-7.3%

-8.9%

-8.1%

-8.9%

-7.6%

(YOY)

-10.8%

2.9%

-29.2%

-14.5%

1.4%

27.6%

-13.2%

21.7%

-

-15.3%

8.8%

6.0%

3.5%

7.6%

-

9.6%

Pending Sales

83

706

17

53

75

37

112

146

9

83

123

729

88

213

6

217

Days on Market

40

48

138

41

65

50

50

39

-

59

48

47

45

48

-

45

(YOY)

-25.0%

17.3%

24.4%

4.3%

29.6%

-5.5%

9.1%

16.8%

-

-6.4%

13.7%

17.0%

35.4%

16.5%

-

24.8%

Median Sales Price

$900,000

$882,500

$2,800,000

$605,000

$1,750,000

$723,000

$900,000

$630,000

-

$997,209

$852,500

$1,137,500

$2,153,000

$1,500,000

-

$1,247,500


100.0%

98.2%

100.0%

99.2%

93.9%

96.2%

100.0%

97.1%

-

97.9%

98.1%

97.7%

97.4%

97.8%

-

97.5%

(YOY)

4.2%

3.7%

9.9%

1.5%

6.1%

3.6%

2.9%

6.8%

3.8%

1.4%

6.3%

7.5%

-1.5%

6.1%

46.7%

8.0%

Median Rent

$3,750

$3,500

$6,925

$3,300

$4,083

$3,573

$3,500

$3,450

$3,388

$3,500

$3,400

$2,850

$3,050

$3,500

$6,398

$2,695

RENTAL DATA 2


Yorkville

All Upper West Side

Lincoln Square

Manhattan Valley

Morningside Heights

Upper West Side

All Upper Manhattan

Central Harlem

East Harlem

Hamilton Heights

Inwood

Manhattanville

Marble Hill

Washington Heights

West Harlem




(YOY)

-5.5%

-3.2%

-2.7%

-35.3%

-21.6%

2.2%

-10.0%

-7.4%

-9.2%

-19.4%

-6.8%

-

-

-8.7%

-

TotalInventory

607

1,933

676

86

80

1,090

905

352

69

112

82

1

1

285

4


(YOY)

12.0%

14.7%

-3.8%

27.6%

24.4%

22.9%

-21.1%

28.4%

11.9%

-0.8%

4.0%

-

-

3.5%

-

Median Asking Price

$895,000

$1,375,000

$1,395,000

$1,097,000

$650,000

$1,450,000

$549,000

$799,500

$699,000

$475,000

$334,950

-

-

$485,000

-

Share w/ Price Cut

29.2%

25.6%

30.6%

33.7%

22.5%

22.1%

16.8%

15.9%

15.9%

25.9%

9.8%

-

-

16.5%

-

Median Price Cut

-6.0%

-6.2%

-6.0%

-5.5%

-6.7%

-6.4%

-6.0%

-6.3%

-9.1%

-6.4%

-9.9%

-

-

-5.0%

-

(YOY)

2.5%

2.4%

-6.5%

-24.3%

10.3%

9.9%

-10.0%

-5.6%

-33.3%

-10.0%

-20.7%

-

-

-6.8%

-

Pending Sales

204

647

200

28

32

387

261

101

12

27

23

1

0

96

1

Days on Market

50

37

41

38

46

36

50

61

66

110

41

-

-

39

-

(YOY)

16.5%

4.3%

6.7%

23.0%

-7.2%

3.8%

11.5%

26.8%

-15.7%

31.7%

7.8%

-

-

11.6%

-

Median Sales Price

$757,500

$1,095,000

$1,200,000

$695,000

$475,000

$1,173,000

$535,000

$760,000

$535,000

$506,999

$317,000

-

-

$502,000

-


97.8%

100.0%

98.6%

98.3%

101.3%

100.0%

100.0%

100.5%

100.8%

101.4%

99.1%

-

-

100.0%

-

(YOY)

9.3%

1.7%

1.3%

3.6%

7.4%

-1.6%

7.8%

9.3%

5.1%

9.5%

17.2%

-

45.8%

11.1%

9.1%

Median Rent

$2,650

$3,350

$3,850

$2,800

$3,489

$3,000

$2,150

$2,295

$2,150

$2,300

$1,875

-

$1,750

$2,000

$2,400

RENTAL DATA 2


All North Brooklyn

Greenpoint

Williamsburg

All Northwest Brooklyn

Boerum HIll

Brooklyn Heights

Carroll Gardens

Clinton Hill

Cobble Hill

Columbia St. Waterfront

Downtown Brooklyn

DUMBO

Fort Greene

Gowanus

Red Hook

All Prospect Park

BROOKLYN NEIGHBORHOOD SUMMARY



(YOY)

37.8%

5.1%

47.2%

16.4%

26.3%

-2.0%

47.5%

-5.8%

4.8%

-3.0%

39.5%

47.0%

30.4%

-4.2%

-

5.8%

TotalInventory

478

82

396

1,006

72

193

87

147

65

32

166

122

90

23

9

606


(YOY)

-20.1%

12.9%

14.3%

37.0%

75.7%

35.0%

52.4%

23.0%

0.4%

-12.1%

23.4%

63.1%

42.1%

83.1%

-

-29.9%

Median Asking Price

$1,195,000

$1,024,500

$1,200,000

$1,195,000

$1,737,500

$1,195,000

$1,600,000

$675,000

$1,300,000

$1,050,000

$850,000

$2,200,000

$995,000

$1,249,000

-

$925,000

Share w/ Price Cut

22.8%

28.0%

21.7%

19.4%

20.8%

22.3%

29.9%

17.7%

15.4%

9.4%

17.5%

15.6%

18.9%

13.0%

-

16.2%

Median PriceCut

-5.4%

-6.3%

-5.0%

-6.3%

-8.5%

-7.3%

-7.3%

-5.6%

-6.5%

-10.6%

-5.2%

-4.2%

-4.9%

-4.7%

-

-5.7%

(YOY)

30.8%

36.8%

29.6%

22.9%

7.4%

-14.8%

77.8%

17.8%

42.9%

0.0%

36.6%

68.4%

105.0%

-

-

8.4%

Pending Sales

153

26

127

360

29

69

32

53

30

11

56

32

41

7

0

245

Days on Market

35

34

36

36

42

33

35

36

32

51

42

37

30

-

-

31

(YOY)

1.6%

15.9%

-4.8%

26.9%

-0.8%

4.8%

45.0%

43.6%

104.7%

-30.1%

29.6%

2.2%

55.4%

43.5%

-

3.1%

Median Sales Price

$940,000

$899,000

$951,000

$951,541

$990,000

$969,000

$1,130,000

$689,250

$1,185,000

$835,500

$868,387

$1,525,000

$909,000

$929,000

-

$724,422


100.0%

99.1%

99.3%

100.0%

100.9%

101.8%

102.7%

103.9%

100.0%

101.2%

100.0%

100.0%

100.8%

-

-

101.8%

(YOY)

-3.0%

-8.6%

0.0%

4.9%

-6.7%

1.8%

7.1%

0.9%

6.7%

-6.4%

11.7%

-2.6%

1.8%

-2.5%

-7.2%

2.0%

Median Rent

$3,100

$2,650

$3,200

$2,990

$2,800

$2,900

$3,000

$2,700

$3,200

$2,575

$3,240

$3,995

$2,800

$2,875

$2,500

$2,650

RENTAL DATA 2


Park Slope

Prospect Heights

Prospect Lefferts Gardens

Prospect Park South

Windsor Terrace

All South Brooklyn

Bath Beach

Bay Ridge

Bensonhurst

Bergen Beach

Borough Park

Brighton Beach

Canarsie

Coney Island

Ditmas Park

Dyker Heights




(YOY)

9.2%

11.2%

-16.7%

-13.6%

9.8%

12.2%

3.2%

-24.9%

34.1%

1.6%

63.6%

13.8%

79.8%

22.0%

21.3%

74.2%

TotalInventory

356

109

55

19

67

2,464

32

244

55

65

18

165

169

72

74

54


(YOY)

19.5%

5.5%

141.8%

0.2%

9.1%

28.8%

9.3%

20.2%

8.1%

17.6%

35.6%

23.0%

9.0%

36.9%

38.3%

24.8%

Median Asking Price

$1,050,000

$799,000

$949,000

$495,000

$649,000

$436,500

$344,444

$312,500

$730,000

$599,000

$949,000

$589,000

$389,000

$479,000

$622,500

$892,000

Share w/ Price Cut

18.0%

13.8%

14.5%

15.8%

11.9%

23.7%

31.3%

22.1%

16.4%

20.0%

11.1%

26.1%

20.1%

33.3%

13.5%

25.9%

Median Price Cut

-5.3%

-8.3%

-6.9%

-8.3%

-4.6%

-5.4%

-5.4%

-4.7%

-6.2%

-5.3%

-5.0%

-5.0%

-5.7%

-9.3%

-8.6%

-3.7%

(YOY)

6.2%

15.6%

46.2%

-

3.6%

165.8%

-

118.4%

-

-

-

-

-

-

10.7%

-

Pending Sales

154

37

19

6

29

521

9

83

22

8

7

16

18

9

31

25

Days on Market

29

32

48

-

38

55

-

44

60

-

-

100

98

-

33

49

(YOY)

10.3%

-9.3%

83.3%

-

12.2%

12.4%

46.0%

-8.1%

-14.4%

21.7%

20.8%

-13.5%

13.8%

-7.6%

7.0%

36.0%

Median Sales Price

$943,250

$685,000

$604,000

-

$550,000

$370,814

$375,000

$271,000

$577,500

$546,250

$660,000

$370,000

$395,460

$257,000

$459,000

$897,500


104.0%

104.1%

101.4%

-

102.3%

95.9%

-

96.7%

94.8%

-

-

94.3%

93.8%

-

98.8%

93.1%

(YOY)

3.6%

0.0%

-5.6%

-2.7%

16.7%

5.9%

4.5%

9.1%

3.1%

-0.1%

3.0%

6.6%

29.6%

24.8%

2.8%

18.5%

Median Rent

$2,900

$2,750

$1,700

$1,885

$2,800

$1,800

$1,750

$1,800

$1,650

$1,898

$1,741

$2,025

$1,750

$1,998

$1,850

$1,925

RENTAL DATA 2


Flatbush

Flatlands

Gerritsen Beach

Gravesend

Greenwood

Kensington

Manhattan Beach

Marine Park

Midwood

Mill Basin

Northeast Flatbush

Ocean Parkway

Old MIll Basin

Sea Gate

Sheepshead Bay

Sunset Park




(YOY)

16.0%

115.2%

47.6%

-15.2%

71.0%

32.3%

53.3%

140.9%

23.8%

68.4%

10.9%

7.8%

-26.3%

18.8%

-2.7%

13.2%

TotalInventory

94

71

31

140

53

123

23

53

99

64

183

55

14

19

470

43


(YOY)

50.3%

20.6%

2.3%

37.5%

28.9%

34.5%

-18.7%

6.2%

-12.1%

40.0%

22.0%

30.6%

28.8%

2.8%

42.4%

17.3%

Median Asking Price

$299,000

$469,000

$399,000

$535,000

$999,000

$429,000

$1,015,000

$599,000

$239,000

$1,259,000

$299,000

$299,000

$212,500

$580,000

$299,000

$475,000

Share w/ Price Cut

13.8%

29.6%

22.6%

33.6%

24.5%

21.1%

60.9%

26.4%

22.2%

25.0%

16.9%

18.2%

7.1%

36.8%

27.7%

11.6%

Median Price Cut

-9.6%

-4.3%

-5.3%

-5.9%

-3.9%

-10.4%

-7.0%

-5.1%

-4.6%

-6.8%

-5.1%

-5.6%

-4.4%

-7.4%

-5.3%

-6.0%

(YOY)

-

-

-

-

55.6%

45.2%

-

-

90.0%

-

-

-

-

-

265.2%

37.5%

Pending Sales

27

12

4

25

14

45

4

8

19

4

29

5

2

2

84

11

Days on Market

52

103

-

67

50

33

-

-

57

-

58

-

-

-

82

29

(YOY)

39.4%

25.0%

20.3%

11.9%

27.7%

18.3%

-

-2.6%

-33.7%

-10.1%

5.4%

-67.1%

-

-

25.3%

42.2%

Median Sales Price

$331,814

$450,000

$355,075

$419,673

$845,000

$349,000

-

$465,000

$220,000

$890,000

$374,000

$218,000

-

-

$238,000

$460,000


98.1%

93.5%

-

92.5%

99.5%

102.0%

-

-

95.7%

-

97.3%

-

-

-

94.3%

98.3%

(YOY)

12.2%

-

-

19.6%

0.0%

5.3%

-

-37.7%

0.3%

-

-5.9%

-12.7%

-

-

0.0%

8.3%

Median Rent

$1,795

-

-

$1,675

$2,200

$2,000

-

$1,675

$1,600

-

$1,600

$1,550

-

-

$1,600

$1,950

RENTAL DATA 2


Wingate

All East Brooklyn

Bedford-Stuyvesant

Brownsville

Bushwick

Crown Heights

East New York




(YOY)

-

45.2%

36.7%

150.0%

109.3%

35.8%

29.3%

TotalInventory

8

652

272

30

90

163

97


(YOY)

-

11.2%

14.8%

31.3%

22.5%

-5.9%

14.0%

Median Asking Price

-

$777,000

$975,000

$459,000

$919,000

$729,000

$375,000

Share w/ Price Cut

-

18.6%

19.5%

10.0%

18.9%

19.0%

17.5%

Median Price Cut

-

-6.3%

-6.4%

-8.0%

-6.0%

-6.1%

-5.1%

(YOY)

-

66.7%

50.0%

-

-21.4%

57.1%

-

Pending Sales

1

185

78

7

11

66

23

Days on Market

-

58

60

-

46

46

69

(YOY)

-

17.3%

14.8%

-

20.4%

30.6%

52.8%

Median Sales Price

-

$662,862

$752,000

-

$680,000

$834,965

$405,000


-

101.2%

100.0%

-

95.8%

101.7%

92.4%

(YOY)

-9.0%

4.3%

8.9%

14.3%

4.2%

0.0%

6.6%

Median Rent

$2,275

$2,400

$2,395

$1,600

$2,500

$2,300

$1,700

RENTAL DATA 2


GLOSSARY

Days on Market

The number of days from the original listing on StreetEasy to when

it enters contract. After a buyer enters contract on a unit, it is pulled

from the market and is no longer available to other buyers - creating a

logical end point to “days on market.” Measuring days on market by the

number of days from the original listing to the recorded closing date

may be skewed by lengthy closing periods during which the unit is not

technically on the market.

Inventory

The sum of all homes that were available on StreetEasy at any point

during the quarter. For example, if a unit was originally listed in

February and sold in May, it would be included in the inventory number

for the first quarter and the second quarter. This approach allows us to

analyze what was available to buyers in a given quarter - instead of an

arbitrary moment or cut-off point.

Median Asking Price

The exact middle asking price among all asking prices of listed homes

during the quarter.

Median Price Cut

The exact middle price cut (as a percentage of total asking price)

among all listings on StreetEasy during the quarter that saw a price cut.


The exact middle recorded price per square foot among all homes that

sold during the quarter that included square footage information in

closing documents with the New York City Department of Finance.

Median Sale-to-List Price Ratio

The final recorded sales price of a home divided by its initial asking

price. A sale-to-list price ratio of 90 percent means the home sold for

90 percent of its initial asking price. The sale-to-list price ratio reported

is the exact middle ratio among all homes that we are able to match a

recorded sale with a listing on StreetEasy.

Median Sales Price

The exact middle sales price among all recorded sales prices of homes

that closed during the quarter. In general, median values are more

accurate than average values, which may be skewed by price outliers

(a few sales that are extremely expensive or extremely inexpensive).

In order to consider only arms-length transactions, we do not include

foreclosures or sales prices lower than $10,000 in this calculation.

Pending Sales

The number of all homes that entered contract during the quarter.

Price Tiers

All listings are placed into one of three price tiers - bottom, middle, and

top - using price cut-offs derived from a 12-month weighted moving

average of recorded sales prices at the 33rd and 66th percentiles. Price

tier cut-offs change each month in order to capture evolving trends

in homes that are being sold. The top tier corresponds with the most

expensive home listings.

Share of Inventory with a Price Cut

The share of all active inventory during the quarter that saw a price cut.


About StreetEasyStreetEasy is New York City’s leading

real estate marketplace on mobile

and the Web, providing accurate and

comprehensive for-sale and for-rent

listings from hundreds of real estate

brokerages throughout New York

City and the major NYC metropolitan

area. StreetEasy adds layers of deep,

proprietary data and useful search tools

that help consumers and real estate

professionals navigate the complex real

estate markets within the five boroughs

of New York City, as well as Northern New

Jersey and the Hamptons. The company

launched in 2006 and was acquired by

Zillow Group, Inc. in August 2013.

@STREETEASY

/STREETEASY

#STREETEASY

To read more about New York City real estate market trends from StreetEasy, visit StreetSmarts at streeteasy.com/blog/research and join the conversation on Twitter using #StreetSmarts.

GLOSSARY

StreetEasy Price Forecasts

The Manhattan Price Forecast and the Brooklyn Price Forecast predict

the change in resale prices one month out from the current reported

period. Each forecast incorporates the Price Index for each borough,

StreetEasy’s comprehensive database of listing prices and days on

market - two leading indicators to future resale prices to accurately

forecast what next month’s resale prices will be before the release of

publicly recorded sales data.

StreetEasy Price Indices

The Manhattan Price Index (MPI) and Brooklyn Price Index (BPI) are

monthly indices that track changes in resale prices of condo, co-op,

and townhouse units. Each index uses a repeat-sales method of

comparing the sales prices of the same properties since January 1995

in Manhattan and January 2004 in Brooklyn. Given this methodology,

each Index accurately captures the change in home prices by

controlling for the varying composition of homes sold in a given month.

Data on arms-length sales of homes is sourced from the New York City

Department of Finance.


quarterly market report q2 2015 - the real deal · page 16 brooklyn rent prices eased slightly from...

Documents