January 2015 Manhattan and Brooklyn residential rentals: Douglas Elliman | The Real Deal New York

The Real Deal New York

January 2015 Manhattan and Brooklyn residential rentals: Douglas Elliman

February 12, 2015 05:33PM

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Median Manhattan rents by neighborhood (credit: Citi Habitats)

Manhattan and Brooklyn rental price indicators moved higher in January, in part due to expanding employment and tight mortgage lending conditions. The median rental price for Manhattan was up for an 11th consecutive year, and was the fourth highest median since 2004. Median rental prices rose 5.9 percent to $3,299 in January over the same period last year. Rental price per square foot increased 6.1 percent to $54.44. The number of new rentals increased 40.2 percent to 4,206. In Brooklyn, rental prices rose due to a combination of new developments in the borough and resistance to rising rents at lease renewal. The median Brooklyn rental price increased 2.5 percent to $2,901 year-over-year, and was $398 less than Manhattan. The number of new rentals in the borough increased 54.5 percent to 683. View the full report online here.

January 2015 Manhattan and Brooklyn residential rentals: Douglas Elliman


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