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: