NEW YORK, Sept. 25, 2015 /PRNewswire/ --
Key facts
- The fastest-moving neighborhoods for rentals in August were
Brooklyn's Midwood and Prospect
Park South, with rentals spending just 11 days and 13 days on the
market, respectively. Rentals in Manhattan's Little Italy, Sutton Place and Upper East Side were close
behind (14 days).
- Rentals in Midtown South and
Downtown Brooklyn were the slowest
to rent in August, with units spending a median time of 48 days and
30 days on the market, respectively.
- The median asking rent in Manhattan grew 3.3 percent over the last year
to $3,460 in August, and was the
strongest among one-bedroom units, which grew 3.7 percent to
$3,370.
- Brooklyn median asking rent
increased 4 percent over the last year to $2,650 in August. Median asking rent for larger
units in Brooklyn rose the
fastest, with median units with 3+ bedrooms increasing 6.7 percent
from last year to $3,200.
While the New York City sales
market experienced a typical late summer lull, the rental market
was hot in August, particularly in Brooklyn. In Brooklyn, rentals spent a median of 18 days on
the market in August, a record low for the year that was previously
set in May. In Midwood and Prospect Park South, renters had to move
even quicker, with rentals spending just 11 days and 13 days,
respectively, on the market – the shortest time on market among all
Brooklyn and Manhattan neighborhoods StreetEasy tracks. In
Manhattan, the fastest-moving
rental markets in August were Little Italy, Sutton Place, and Upper East Side where units
spent a median of 14 days on the market, according to the
August 2015 StreetEasy® Market
Reports for Manhattan and
Brooklyni.
Renters also faced the steepest rent prices of the year. The
monthly median asking rent in Manhattan grew 3.3 percent over the last year
to $3,460 in August. Asking rent
climbed the most for one-bedroom units in Manhattan over the last year, which grew 3.7
percent year-over-year to $3,370 in
August. Price growth among studios and units larger than one
bedroom were either negative or stagnant compared to August of last
year.
In Brooklyn, the monthly median
asking rent grew 4 percent from last year to $2,650 in August. Contrary to Manhattan, median asking rents for larger
units grew the most in Brooklyn.
The median asking rent for two-bedroom units grew 2 percent from
last year to $2,550 in August. Asking
rents for units with 3+ bedrooms increased 6.7 percent from last
year to $3,200.
"Every New York renter knows it's all about speed, and that is
especially true in Brooklyn.
Renters in Brooklyn face the
steepest competition for apartments and also carry the city's
highest rent burden," said StreetEasy data scientist Alan
Lightfeldt. "This trend will continue until income growth
accelerates and the supply of affordable homes increases across the
city."
The New York sales market was
equally as competitive in August with the median resale price of
all Manhattan and Brooklyn homes rising to another record high,
though the pace of growth is slowing. Manhattan resale prices of all home types rose
6.7 percent from last year to a record $986,314, as tracked by the Manhattan Price
Indexii. The Brooklyn Price Index also reached an
all-time high in August, increasing 7.2 percent year-over-year to
$538,563. Last year, prices in
Manhattan and Brooklyn grew by 9.2 and 10.4 percent,
respectively.
Sellers were still able to find willing buyers who were
undeterred by high prices. Manhattan and Brooklyn homes that sold in August typically
did so for 100 percent of sellers' initial asking price, a sign
that competition remains tight among buyers in both
boroughsiii. Bidding wars were the most prevalent in the
Prospect Park, North Brooklyn, and
Upper Manhattan submarkets where the typical home sold for much
more than the home's initial asking price. The Prospect Park
submarket in Brooklyn remained the
most competitive area in Manhattan
and Brooklyn; homes that sold
there in August typically did so for 5 percent above the sellers'
initial asking price. In Upper Manhattan, homes that sold in August
typically did so for 0.9 percent above initial asking price, a sign
that the lower price point in neighborhoods such as Central Harlem,
Washington Heights, and
Inwood are attracting greater
interest among buyers.
Looking ahead to the fall, price growth in Manhattan will continue to slow with median
resale prices expected to grow by 0.2 percent over the next month,
according to the StreetEasy Manhattan Price Forecast. In
Brooklyn, prices will decrease 1.6
percent over the next month, according to the StreetEasy Brooklyn
Price Forecastiv.
Full reports and additional analysis for Manhattan and Brooklyn, including rental data and several
other metrics new to the StreetEasy Reports, can be viewed at
streeteasy.com/blog/market-reports.
Fastest Moving
Rental Markets in August
|
Brooklyn
Neighborhoods
|
Median Asking
Rent
|
Median Days on
Market
|
Manhattan
Neighborhoods
|
Median Asking
Rent
|
Median Days on
Market
|
Midwood
|
$1,900
|
11
|
Little
Italy
|
$3,995
|
14
|
Prospect Park
South
|
$1,900
|
13
|
Sutton
Place
|
$3,318
|
14
|
Boerum
Hill
|
$2,850
|
14
|
Upper East
Side
|
$2,928
|
14
|
Brooklyn
Heights
|
$3,295
|
14
|
West
Village
|
$3,850
|
15
|
Prospect Lefferts
Gardens
|
$1,750
|
15
|
West
Harlem
|
$2,485
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
Slowest Moving
Rental Markets in August
|
Brooklyn
Neighborhoods
|
Median Asking
Rent
|
Median Days on
Market
|
Manhattan
Neighborhoods
|
Median Asking
Rent
|
Median Days on
Market
|
Downtown
Brooklyn
|
$3,300
|
30
|
Midtown
South
|
$3,850
|
48
|
Windsor
Terrace
|
$2,700
|
29
|
Midtown
|
$4,378
|
36
|
Columbia Street
Waterfront District
|
$2,500
|
26
|
Battery Park
City
|
$5,000
|
34
|
Kensington
|
$2,100
|
26
|
Tribeca
|
$6,500
|
32
|
Gravesend
|
$1,750
|
24
|
Soho
|
$4,500
|
29
|
About StreetEasy:
StreetEasy is New York City's
leading local real estate marketplace on mobile and the Web,
providing accurate and comprehensive for-sale and for-rent listings
from hundreds of real estate brokerages throughout New York City and the major NYC metropolitan area. StreetEasy adds layers
of proprietary data and useful search tools to help home shoppers
and real estate professionals navigate the complex real estate
markets within the five boroughs of New
York City, as well as Northern New
Jersey and the Hamptons.
Launched in 2006, StreetEasy is based in Manhattan's Flatiron neighborhood. StreetEasy
is owned and operated by Zillow Group (NASDAQ: Z).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Market Report is a monthly
overview of the Manhattan and
Brooklyn sales and rental markets.
The report data is aggregated from public recorded sales and
listings data from real estate brokerages that provide
comprehensive coverage of Manhattan and Brooklyn, with most metrics dating back to
1995 in Manhattan and 2004 in
Brooklyn. The reports are compiled
by the StreetEasy Research team. For more information, visit
http://streeteasy.com/blog/market-reports/. StreetEasy also tracks
data for the five boroughs within New
York City.
ii The Manhattan Price Index (MPI) and Brooklyn Price
Index (BPI) are monthly indices that track changes in resale prices
of condo, co-op, and townhouse units. Each index uses a
repeat-sales method of comparing the sales prices of the same
properties since January 1995 in
Manhattan and January 2004 in Brooklyn. Given this methodology, each Index
accurately captures the change in home prices by controlling for
the varying composition of homes sold in a given month. Data on
arms-length sales of homes is sourced from the New York City
Department of Finance.
iii The sale-to-list price ratio is the final
recorded sale price divided by the initial asking price on
StreetEasy, expressed as a percentage. A ratio above 100 percent
indicates that the home sold for above initial asking price,
whereas a ratio below 100 percent indicates that the home sold for
less than the initial asking price.
iv The Manhattan Price Forecast and the Brooklyn
Price Forecast predict the change in resale prices one month out
from the current reported period. Each forecast incorporates the
Price Index for each borough, StreetEasy's comprehensive database
of listing prices and days on market - two leading indicators to
future resale prices to accurately forecast what next month's
resale prices will be before the release of publicly recorded sales
data.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/brooklyn-overtakes-manhattan-as-home-to-most-competitive-rental-market-in-august-300148787.html
SOURCE StreetEasy