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The Manhattan rental market has been rising for more than a year. Inventory fell and fewer landlord concessions were being offered. Rents for smaller apartments increased the most, as higher employment brought more demand into the city. Would-be first-time buyers continued to be challenged by tight mortgage lending. We anticipate similar conditions throughout the spring.
For the past two months Brooklyn rents remained stable, after rising for much of the past two years. Rental prices were high, while negotiability and landlord concessions remained low. With an improving local economy and tight credit, we don’t anticipate much relief for tenants through the spring market.
Rental prices in northwest Queens were generally higher, although most of the increases occurred in smaller apartments. Marketing time fell and there was less negotiability between landlords and tenants. With rising rents in other boroughs bringing more demand into Queens and an improving city economy, we expect the rental market to remain active in the coming months.
Here is the report:
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The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.
