The November rental report is in, and no new surprises here—Manhattan rents fell slightly, while Brooklyn rents continued to climb.
In November of 2012, the median price to rent an apartment in Manhattan was $3,195, according to the latest report by Elliman. For the same month this year, the median rental price was $3,100, marking a 3 percent decline on a year-over scale. November is the third straight month that the median rental price of a Manhattan apartment declined on such a scale.
The number of new rentals in November fell 34.4 percent, from $3,634 in 2012 to $2,385 this November. This statistic likely points to an increase in lease renewals.
So, rents are falling. Good news, right? While three consecutive months of decline might lead one to believe that rents are cheap, but that’s not really the case. The market is strong, and will almost definitely remain in this current range.
And as for Brooklyn, well, we’re not surprised to see that the median rental price rose from $2,698 to $2,800. The 3.8 percent year-over increase isn't catching anyone off-guard for the once-affordable borough.
The good news, for those seeking to rent in Brooklyn, however, is that a large amount of the new construction taking place is for new rental buildings, which is sure to have an impact on the median price of an apartment in Brooklyn. Several of the new developments, such as Greenpoint Landing and the Domino Sugar Refinery in Williamsburg will offer affordable apartments.
