Report Finds Manhattan Rents Reach Five-Year High

Over the past four months Manhattan market rental prices have continued to increase, reaching the highest peaks in more than five years, according to a recent Douglas Elliman report analyzing the rental market in Manhattan, Brooklyn, and Queens for June 2014. The market has tightened as a result of falling vacancy rates and limited use of concessions by owners. The median rent for Manhattan was $3,300.

For Brooklyn, the report found an upward trend here as well, but not as steep as in Manhattan. In June, median rental prices increased 2.3 percent to $2,800. The report also noted that 48.4 percent of the Queens rental market is new development. Median rental prices in Queens for June dropped year-over-year after four consecutive monthly increases. It dropped half a percent from Q2 2013 to $2,830, according to the report.