March 2017 Manhattan and Brooklyn Rental Market Report

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Our March data shows a slight increase in demand for rental apartments.

However, home seekers continued to be price sensitive and often toured a variety of buildings in search of the best deal. To attract these comparison shoppers, landlords increased their use of incentives.

In March, 35% of new leases included a concession, up from 31% in February.

Typically, incentives become less prevalent as spring approaches, so the increase in their use month-over-month is noteworthy.

 

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Q1 2017 Manhattan and Brooklyn Sales Market Report

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Manhattan Trends from last quarter:

• The first quarter often sets the tone for the rest of the year and this quarter demonstrated the Manhattan market is off to a positive start in 2017.
• Contract activity increased year-over-year for the first time in six quarters, registering a 3% increase versus First Quarter 2016 and a 5% increase versus last quarter.
• In First Quarter 2017, buyer and seller expectations continued to adjust, as buyers who chose to hold off on purchasing in 2016 came back into the market.
• At the same time, many sellers adjusted to current market conditions and prices in order to sell their properties.
• These factors worked in tandem to fuel improved activity in the early part of this year.

 

Brooklyn Trends from last quarter:

• Spring came early to Brooklyn as First Quarter 2017 was the strongest first quarter in six years in terms of sales.
• Improved consumer sentiment and the expectation of rising interest rates on the horizon motivated buyers.
• This quarter also continued the streak of year-over-year price gains seen throughout 2015 and 2016.
• Demand for new developments, particularly larger residences at price points rarely offered in Manhattan, drove overall prices higher.
• There were 7% more closed sales compared to a year ago, but not all apartment types trended equally.
• Sales of resale condos and new developments increased from First Quarter 2016, while sales in the resale co-op market actually declined.

 

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