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Brooklyn and Queens Rents Continue to Break Records

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Another month, more rising rents. The median Manhattan rent is up 6.6 percent year-over-year, from $3,205 to $3,418, according to the Elliman report. That's the second highest level on record (the first was $3,695 in February of 2009 when the bottom dropped out of the market with the onset of the financial crisis.) Elliman report compiler Jonathan Miller points to faster marketing times, little negotiability between landlords and tenants, and hardly any concessions as factors in making the market feel especially tight.

In Brooklyn, the median rental price rose to a record-setting $2,968, up 4.1 percent from last year's $2,852. Studios showed the largest gain in prices, with the median price up a whopping 15.4 percent from last year, to $2,523. Concessions by landlords were nominal and there was little negotiability, though units did tend to stay on the market for a while.

And in Queens, after a few weak months, the median rent hit the highest level its seen since Elliman started tracking it in December 2011, rising to $3,016, a staggering 14 percent jump from last year. The reason was that a surge of new development entered the market, and as a result prices were higher over all apartment sizes.

According to the Citi Habitats report, Manhattan rents increased for all apartment sizes except three-bedrooms, where they fell slightly. Borough-wide vacancy crept up to 1.42 percent, from last month's 1.13 percent. "The Manhattan rental market seems to have reached its tipping point," said Citi Habitats president Gary Malin. "Landlords have continued to raise rents and cut back on their use of concessions, and tenants have begun to strike back - by postponing moves, staying put, or exploring housing alternatives in the outer boroughs."

And breaking it down by neighborhood, according to MNS, in Manhattan, Harlem had the largest year-over-year increase, up 17.9 percent, while Soho was up 14.2 percent. Tribeca and Midtown East saw the biggest drops, down 9.3 and 8.1 percent respectively. In Brooklyn, the biggest gains were seen in Boerum Hill (9.4 percent), Downtown Brooklyn (9.1 percent), and Bed-Stuy (9.0 percent). Crown Heights dropped 11.1 percent.
· Market Report coverage [Curbed]