Before the tryptophan kicks in on Thursday, I thought I'd present the rental market trends for Manhattan, Brooklyn, and Queens coverage in another way. Because of seasonality, I tend to rely on median rental price compared to the same period a year ago. I applied a 90-day moving average as a trend line for each of the markets to help show where these markets seem to be headed.
Manhattan: After a lull last fall due to competition from the surging sales market, rental prices continue to push higher, driven by tight credit and rising employment.
Brooklyn: The growth in rental prices are cooling, finally, after four years of robust gains. I doubt if there is much relief in site for renters. Even if rents slip a bit, I suspect they'll remain at a high level.
Queens: I recently began tracking this market and due to it's relatively small size, pricing is especially volatile, even when applying the moving average. A large portion of this market is new development with a lot more coming online. While rents seem to be fluctuating the macro takeaway from this might suggest some sort of stability.
No real rental relief in sight is apparent until there is a meaningful easing of mortgage lending standards back to long term norms (no, not back to last decade's removal of any form of lending standards).