In February 2014, the median rental price in the borough of Manhattan has fallen once again from the previous month, January 2014, at a rate of -0.4%. This equates to six total months of median rental decrease. Since last summer rent can be considered as remaining flat, but although the decreases are definitely on a small incremental scale, they are in fact continuing to decrease. Giving Manhattan renters something to smile about, well a small smile in the least. Comparing February 2014 to February 2013 we see a -2.8% decrease in the median rental price, decreases remaining steady on this front, for now at least.
Manhattan rentals with concessions, covered extensively in the rental report posting last month we can continue to see a decrease in the median rental price on this front as well. The decrease amounts to -1.0% between January 2014 and February 2014, the price dropping from $3,079 to $3,077, a whole two dollars. On the year-over-year, February 2013 at $3,175, in comparison to this year that gives us a -3.1% decrease.
We can see why the decrease in rental concessions exists as the vacancy rate has once again increased from 1.81% in January 2014 to 1.87% in February 2014. People are vacating steadily and this may have become a trend, as the February 2014 vacancy rate is an increase from February 2013 which sat at 1.69%.
All those recent vacancies packed their things and went to Brooklyn, where the median rental price has once again increased in the last month by 2.1%. February 2014 brings in a median rental price of $2,890 which is up 11.6% from February 2013 which held a $2,590 median price. Rentals are rising quickly in this borough with 392 new rentals in February 2014 which is a decline from the previous month that had 442 but is an astounding 40% increase from February 2013. Brooklyn’s hip vibe appears to be appealing to more than just hipsters.
