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THE BROOKLYN MADE REAL ESTATE SHOW - MARKET UPDATES From the Ratner Team, this is the Brooklyn Made Real Estate Podcast, a show about Brooklyn real estate and the professionals behind one of the hottest real estate markets in the world. Brooklyn Made Real Estate is a one-stop shop for anyone interested in New York real estate, getting connected with local experts and learning how to make smarter decisions and leveraging your assets. Each week our show will feature local professionals and real estate experts that we are eager for you to meet. |
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Brooklyn Residential Rental Market Report | June 2018
Welcome to the New York Real Estate Market Update
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has mostly maintained recent gains and should continue to gain steam through the rest of the summer break.
Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.
Overall, Brooklyn rental prices nudged up by an average of 1.2% in June 2018. Overall, almost all of Brooklyn saw a positive month for rentals.
Among the most notable stats over the last month was the 6.3% rise in 3 bedroom rents and 27.4% drop in inventory over the same period last year.
Month over month, Price per square foot rose by 1.1%. Listing inventory fell 3.5%, and days on the market slide again, to just 27 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are down an average 0.1% over the same period in 2017. The number of leases being signed fell by 17.7%. More landlords have been offering more appealing deals to lure tenants this year, but the amount of free rent they are offering has been narrowing over the past 3 months.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is up slightly to $58
average unit size is down slightly to 539 square feet
1 studios were No Fee, and 31 were Fee apartments
Month over month changes saw rents up 4.1%, and price per square foot jumped 7.4%.
Year over year rents are up 4%
Units with elevators rented for almost $500 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.
Units with full-time lobby attendance are renting for around $100 a month more.
Having a laundry in the building added around $200 a month to rental rates.
For 1 bedrooms...
The average price per foot is up slightly by 1.1%
The average unit size is up to 730 square feet
11, 1 beds were No Fee, versus 135 Fee apartments
Month over month change rents are up 0.1%
year over year rents are up 1.6%
No fee 1 bedrooms rented for over $12 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $8 more per square foot
Units with NO private outdoor space are renting for around $100 less per month
The difference in rents for elevator versus walk-up units is $600 per month
Units with gyms rented for $11 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,837
The average price per foot is $45
average unit size is 1,030 square feet
3, 2 bedroom apartments were No Fee rentals, versus 122 Fee rentals
Month over month rents are down 1.7%
But year over year they are up 1.6%
Having a laundry in the building can add $5 per square foot to the rent last month
Those WITH private outdoor spaces rented for $4 more per square foot
A 2 bedroom with a gym in the building is renting for almost $1,000 more per month
Those with full-time lobby attendant are renting for around $1,300 more per month.
There is around a $1,000 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot was at $43 in June
The average unit size is up to 1,260 square foot
2, 3 bedroom rental were No Fee, versus 38 rentals with Fee
Month over month rents are up 6.3%
year over year rents are UP 5.4%
No FEE apartments rented for over $2,000 more than fee apartments last month.
Those with gyms rented for $7 more per square foot.
Having a laundry in the building made a $2 difference per square foot last month
Expect to get as much as $1,800 more per month for units with private outdoor space
Elevator apartments rented for $8 more per square foot last month
Having a full-time lobby attendant made a $9 per square foot difference, with total monthly rent almost $1,600 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. The most growth in rental rates is being seen in existing 3 plus bedroom apartments.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has mostly maintained recent gains and should continue to gain steam through the rest of the summer break.
Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.
Overall, Brooklyn rental prices nudged up by an average of 1.2% in June 2018. Overall, almost all of Brooklyn saw a positive month for rentals.
Among the most notable stats over the last month was the 6.3% rise in 3 bedroom rents and 27.4% drop in inventory over the same period last year.
Month over month, Price per square foot rose by 1.1%. Listing inventory fell 3.5%, and days on the market slide again, to just 27 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are down an average 0.1% over the same period in 2017. The number of leases being signed fell by 17.7%. More landlords have been offering more appealing deals to lure tenants this year, but the amount of free rent they are offering has been narrowing over the past 3 months.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is up slightly to $58
average unit size is down slightly to 539 square feet
1 studios were No Fee, and 31 were Fee apartments
Month over month changes saw rents up 4.1%, and price per square foot jumped 7.4%.
Year over year rents are up 4%
Units with elevators rented for almost $500 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.
Units with full-time lobby attendance are renting for around $100 a month more.
Having a laundry in the building added around $200 a month to rental rates.
For 1 bedrooms...
The average price per foot is up slightly by 1.1%
The average unit size is up to 730 square feet
11, 1 beds were No Fee, versus 135 Fee apartments
Month over month change rents are up 0.1%
year over year rents are up 1.6%
No fee 1 bedrooms rented for over $12 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $8 more per square foot
Units with NO private outdoor space are renting for around $100 less per month
The difference in rents for elevator versus walk-up units is $600 per month
Units with gyms rented for $11 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,837
The average price per foot is $45
average unit size is 1,030 square feet
3, 2 bedroom apartments were No Fee rentals, versus 122 Fee rentals
Month over month rents are down 1.7%
But year over year they are up 1.6%
Having a laundry in the building can add $5 per square foot to the rent last month
Those WITH private outdoor spaces rented for $4 more per square foot
A 2 bedroom with a gym in the building is renting for almost $1,000 more per month
Those with full-time lobby attendant are renting for around $1,300 more per month.
There is around a $1,000 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot was at $43 in June
The average unit size is up to 1,260 square foot
2, 3 bedroom rental were No Fee, versus 38 rentals with Fee
Month over month rents are up 6.3%
year over year rents are UP 5.4%
No FEE apartments rented for over $2,000 more than fee apartments last month.
Those with gyms rented for $7 more per square foot.
Having a laundry in the building made a $2 difference per square foot last month
Expect to get as much as $1,800 more per month for units with private outdoor space
Elevator apartments rented for $8 more per square foot last month
Having a full-time lobby attendant made a $9 per square foot difference, with total monthly rent almost $1,600 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. The most growth in rental rates is being seen in existing 3 plus bedroom apartments.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
Brooklyn Residential Rental Market Report | May 2018
Welcome to the New York Real Estate Market Update
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has maintained strength through the beginning of the peak summer real estate season, with more positive data possible as we experience the rush before school starts up again.
Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.
Overall, Brooklyn rental prices nudged up by an average of 1.2% in May 2018. Overall, almost all of Brooklyn saw a positive month for rentals, with existing rentals seeing the best performance compared to new development.
Month over month, Price per square foot fell by just 0.7%. Listing inventory fell 4.4%, and days on market slide further, to just 28 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 0.6% over the same period in 2017. The number of leases being signed also rose by a modest but encouraging 11.4%. While over 42% of Brooklyn landlords are offering special deals and concessions to lure tenants, on average landlords are now giving up only 1.5 months of free rent to new tenants.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is up slightly by 2.7%
average unit size is down slightly to 549 square feet
18 studios are No Fee, and 141 are Fee apartments
Month over month changes saw rents down 4.2%
Year over year rents are down 1.9%
Units with elevators rented for almost $400 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.
Units with full-time lobby attendance are renting for almost $700 a month more.
There was only $4 per square foot premium for private outdoor space.
For 1 bedrooms...
The average price per foot fell slightly by 0.2%
The average unit size is up to 742 square feet
6 1 beds were No Fee, versus 163 Fee apartments
Month over month change rents are down 0.6%
year over year rents are up 2.4%
No fee 1 bedrooms rented for over $600 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $5 more per square foot
Units with NO private outdoor space are renting for around $300 less per month
The difference in rents for elevator versus walk-up units is around $300 per month
Units with gyms rented for $11 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $600 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,442
The average price per foot is up to $43.42
average unit size is 993 square feet
4, 2 bedroom apartments were No Fee rentals, versus 131 Fee rentals
Month over month rents held their value
But year over year they are down 0.4%
Having a laundry in the building can add $9 per square foot to the rent last month
Those WITH private outdoor spaces rented for $7 more per square foot
A 2 bedroom with a gym in the building is renting for $100 more per month
Those with full-time lobby attendant are renting for around $1,30 more per month.
There is over a $1,000 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot was at $40 in May
The average unit size is up to 1,273 square foot
2, 3 bedroom rental was No Fee, versus 45 rentals with Fee
Month over month rents are down 5.8%
year over year rents are UP 5.2%
No FEE apartments rented for almost $1,500 more than fee apartments last month.
Those with gyms rented for $12 more per square foot.
Having a laundry in the building can make a $6 difference per rent per square foot
Units with private outdoor space rented for $1,300 more per month in May
Elevator apartments rented for $12 more per square foot last month
Having a full-time lobby attendant made a $3,000 more per month difference for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. Over 40% are leasing with some type of special incentives. The strongest segment of the market last month was existing 2 and 3 bedroom apartments versus new developments and studios.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has maintained strength through the beginning of the peak summer real estate season, with more positive data possible as we experience the rush before school starts up again.
Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.
Overall, Brooklyn rental prices nudged up by an average of 1.2% in May 2018. Overall, almost all of Brooklyn saw a positive month for rentals, with existing rentals seeing the best performance compared to new development.
Month over month, Price per square foot fell by just 0.7%. Listing inventory fell 4.4%, and days on market slide further, to just 28 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 0.6% over the same period in 2017. The number of leases being signed also rose by a modest but encouraging 11.4%. While over 42% of Brooklyn landlords are offering special deals and concessions to lure tenants, on average landlords are now giving up only 1.5 months of free rent to new tenants.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is up slightly by 2.7%
average unit size is down slightly to 549 square feet
18 studios are No Fee, and 141 are Fee apartments
Month over month changes saw rents down 4.2%
Year over year rents are down 1.9%
Units with elevators rented for almost $400 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.
Units with full-time lobby attendance are renting for almost $700 a month more.
There was only $4 per square foot premium for private outdoor space.
For 1 bedrooms...
The average price per foot fell slightly by 0.2%
The average unit size is up to 742 square feet
6 1 beds were No Fee, versus 163 Fee apartments
Month over month change rents are down 0.6%
year over year rents are up 2.4%
No fee 1 bedrooms rented for over $600 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $5 more per square foot
Units with NO private outdoor space are renting for around $300 less per month
The difference in rents for elevator versus walk-up units is around $300 per month
Units with gyms rented for $11 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $600 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,442
The average price per foot is up to $43.42
average unit size is 993 square feet
4, 2 bedroom apartments were No Fee rentals, versus 131 Fee rentals
Month over month rents held their value
But year over year they are down 0.4%
Having a laundry in the building can add $9 per square foot to the rent last month
Those WITH private outdoor spaces rented for $7 more per square foot
A 2 bedroom with a gym in the building is renting for $100 more per month
Those with full-time lobby attendant are renting for around $1,30 more per month.
There is over a $1,000 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot was at $40 in May
The average unit size is up to 1,273 square foot
2, 3 bedroom rental was No Fee, versus 45 rentals with Fee
Month over month rents are down 5.8%
year over year rents are UP 5.2%
No FEE apartments rented for almost $1,500 more than fee apartments last month.
Those with gyms rented for $12 more per square foot.
Having a laundry in the building can make a $6 difference per rent per square foot
Units with private outdoor space rented for $1,300 more per month in May
Elevator apartments rented for $12 more per square foot last month
Having a full-time lobby attendant made a $3,000 more per month difference for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. Over 40% are leasing with some type of special incentives. The strongest segment of the market last month was existing 2 and 3 bedroom apartments versus new developments and studios.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
Brooklyn Residential Rental Market Report | April 2018
Welcome to the New York Real Estate Market Update
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has maintained recent gains as we move through the peak spring and summer real estate season.
Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.
Overall, Brooklyn rental prices nudged up by an average of 0.18% in April 2018. Overall, almost all of Brooklyn saw a positive month for rentals. The few exceptions where some minor softness was seen include Williamsburg, Cobble Hill, DUMBO, Brooklyn Heights and Bushwick.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge.
Among the most notable stats over the last month was the almost 7.2% rise in rents in Prospect Lefferts Gardens. Followed by a 6.52% rise in Crown Heights, a 6.19% increase for 2 bedroom apartments in Downtown Brooklyn and a 6.1% bump up for Clinton Hill studio prices.
Month over month, Price per square foot fell by 1.1%. Listing inventory rose 7.1%, and days on market slide further, to 29 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 1.5% over the same period in 2017. The number of leases being signed also rose by a modest 1.6%. That’s despite an almost 40% rise in OP and concessions. On average landlords are now giving up almost 2 months of free rent to new tenants.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is up slightly to $55
average unit size is up slightly to 650 square feet
23 studios are No Fee, and 124 are Fee apartments
Month over month changes saw rents up 5.4%, though the price per square foot dropped 2.2%.
Year over year rents are down 0.7%
Units with elevators rented for almost $400 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.
Units with full-time lobby attendance are renting for almost $300 a month more.
There was only a minor premium for outdoor space.
For 1 bedrooms...
The average price per foot is up slightly at $48
The average unit size is up to 722 square feet
12 1 beds were No Fee, versus 143 Fee apartments
Month over month change rents are up 3.1%
year over year rents are up 2.5%
No fee 1 bedrooms rented for over $500 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $8 more per square foot
Units with NO private outdoor space are renting for around $300 less per month
The difference in rents for elevator versus walk-up units is $600 per month
Units with gyms rented for $11 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,165
The average price per foot is $41
average unit size is 941 square feet
4, 2 bedroom apartments were No Fee rentals, versus 226 Fee rentals
Month over month rents are down 1.9%
But year over year they are down 3.1%
Having a laundry in the building can add $5 per square foot to the rent last month
Those WITH private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is renting for almost $800 more per month
Those with full-time lobby attendant are renting for around $150 more per month.
There is around a $400 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot was at $35 in April
The average unit size is up to 1,061 square foot
1, 3 bedroom rental was No Fee, versus 99 rentals with Fee
Month over month rents are down 0.5%
year over year rents are UP 2.9%
No FEE apartments rented for almost $3,000 more than fee apartments last month.
Those with gyms rented for $22 more per square foot.
Having a laundry in the building can make an $18 difference per rent per square foot
Expect to get $150 more per month for units with private outdoor space
Elevator apartments actually rented for $5 less per square foot last month
Having a full-time lobby attendant made a $30 per square foot difference, with total monthly rent almost $3,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. Over 50% are leasing with some type of special incentives.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has maintained recent gains as we move through the peak spring and summer real estate season.
Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.
Overall, Brooklyn rental prices nudged up by an average of 0.18% in April 2018. Overall, almost all of Brooklyn saw a positive month for rentals. The few exceptions where some minor softness was seen include Williamsburg, Cobble Hill, DUMBO, Brooklyn Heights and Bushwick.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge.
Among the most notable stats over the last month was the almost 7.2% rise in rents in Prospect Lefferts Gardens. Followed by a 6.52% rise in Crown Heights, a 6.19% increase for 2 bedroom apartments in Downtown Brooklyn and a 6.1% bump up for Clinton Hill studio prices.
Month over month, Price per square foot fell by 1.1%. Listing inventory rose 7.1%, and days on market slide further, to 29 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 1.5% over the same period in 2017. The number of leases being signed also rose by a modest 1.6%. That’s despite an almost 40% rise in OP and concessions. On average landlords are now giving up almost 2 months of free rent to new tenants.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is up slightly to $55
average unit size is up slightly to 650 square feet
23 studios are No Fee, and 124 are Fee apartments
Month over month changes saw rents up 5.4%, though the price per square foot dropped 2.2%.
Year over year rents are down 0.7%
Units with elevators rented for almost $400 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month.
Units with full-time lobby attendance are renting for almost $300 a month more.
There was only a minor premium for outdoor space.
For 1 bedrooms...
The average price per foot is up slightly at $48
The average unit size is up to 722 square feet
12 1 beds were No Fee, versus 143 Fee apartments
Month over month change rents are up 3.1%
year over year rents are up 2.5%
No fee 1 bedrooms rented for over $500 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $8 more per square foot
Units with NO private outdoor space are renting for around $300 less per month
The difference in rents for elevator versus walk-up units is $600 per month
Units with gyms rented for $11 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,165
The average price per foot is $41
average unit size is 941 square feet
4, 2 bedroom apartments were No Fee rentals, versus 226 Fee rentals
Month over month rents are down 1.9%
But year over year they are down 3.1%
Having a laundry in the building can add $5 per square foot to the rent last month
Those WITH private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is renting for almost $800 more per month
Those with full-time lobby attendant are renting for around $150 more per month.
There is around a $400 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot was at $35 in April
The average unit size is up to 1,061 square foot
1, 3 bedroom rental was No Fee, versus 99 rentals with Fee
Month over month rents are down 0.5%
year over year rents are UP 2.9%
No FEE apartments rented for almost $3,000 more than fee apartments last month.
Those with gyms rented for $22 more per square foot.
Having a laundry in the building can make an $18 difference per rent per square foot
Expect to get $150 more per month for units with private outdoor space
Elevator apartments actually rented for $5 less per square foot last month
Having a full-time lobby attendant made a $30 per square foot difference, with total monthly rent almost $3,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. Over 50% are leasing with some type of special incentives.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
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Brooklyn Residential Real Estate Market Reports Q1 2018
New York Real Estate Market Updates
www.NewYorkMarketReports.com
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
In our Brooklyn report, we’ll keep you up to date with the average residential sales in this sprawling borough of historic brownstones and row houses. Keep listening for the record-high sales this quarter.
Residential average sales prices in Brooklyn a bit lower over last year’s reports, with 1.2% percent decrease over 2017. Median sale prices grew 3.2% percent to $795,000, and in this quarter, we saw a decline of -13.9% percent in the number of transactions, totaling 2,411 in 2018 compared to 2,627 in Q4 2017. If you’re looking for robust market growth, Brooklyn is where you’ll find it.
New Development Condo sales this 1st quarter sold for $1,324,707 with an average $1,173 dollars per foot comparing to $1,265 last year. This was a -7.3% percent decrease in price per foot from the same quarter last year, when the average sale price was $1,613,137. The average sales price saw a decline of -17.9% from last years first quarter, decreasing from $1,613,137 to $1,324,707. According to this quarter’s reports, these properties are substantially less time on the market: this year it took an average of 104 days to sell a new development property, versus 147 days in Q1 2017.
Existing condo sales prices are on a slight decline. The average condo sales price in the first quarter of 2018 was $1,045,015, a dip from $1,203,255 last year. A -13.2% percent decline from the first quarter last year. The average market pace for these properties decreased: 90 days this year, versus 101 days in 2017.
Co-op sales prices rose this quarter, selling at an average price of $575,917 dollars—an increase of 10.3% percent from last year’s reports of $521,953 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 79 days, as opposed to last year’s number of 87 days in the same quarter.
1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,106,656, up 5.9% percent from $1,045,305 last year. Houses also sold in 19 fewer days; properties, on average, were only on the market for 80 days, versus 99 days last year.
In the Luxury Market this quarter, the average luxury property sale price was $2,788,647. That’s a slight decrease, down -3.7% percent from last year, but these properties also sold in fewer days, only on the market for 103 days, versus 130 last year.
Across the board, the average recorded price discount was 2.1% percent.
Now, to Brooklyn’s top May 2018 residential sales:
The top single-family sale in Brooklyn this May can be found in the Brooklyn Heights. The selling price of 140 Columbia Heights was an incredible $15,500,000 – about $2,191 dollars per square foot. An enormous 25-foot-wide structure, this historic, landmarked townhouse is completely renovated and offering breathtaking Sunset River, Manhattan Harbor & Skyline Views.
Brooklyn Heights took the top condo sale of the quarter at 90 Furman St #210, which sold for $4,636,449. This modern condo has a luxurious, spacious design with timeless appeal – well worth the $1,604 per square foot. The residents have access to countless amenities, including two 24-hour attended lobbies, valet parking, two fitness centers, a meditation studio, a resident event space, pet-wash, refrigerated storage, playroom, and bike storage. Electric car charging station will be available in the Pierhouse garage for residents' use.
Brooklyn Heights is breaking all the records this quarter. Winning a record sale for the top co-op this May at $3,875,000/ Located at 138 Columbia Heights #2.
For bargain territory, head to Flatlands, Coney Island, & East Flatbush. These least-expensive residential areas in Brooklyn had a median price-per-foot of $358 this May. Single-family homes averaged just $384,554. As far as Brooklyn is concerned, that’s a steal.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
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Our Proud Sponsors:
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www.NewYorkMarketReports.com
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
In our Brooklyn report, we’ll keep you up to date with the average residential sales in this sprawling borough of historic brownstones and row houses. Keep listening for the record-high sales this quarter.
Residential average sales prices in Brooklyn a bit lower over last year’s reports, with 1.2% percent decrease over 2017. Median sale prices grew 3.2% percent to $795,000, and in this quarter, we saw a decline of -13.9% percent in the number of transactions, totaling 2,411 in 2018 compared to 2,627 in Q4 2017. If you’re looking for robust market growth, Brooklyn is where you’ll find it.
New Development Condo sales this 1st quarter sold for $1,324,707 with an average $1,173 dollars per foot comparing to $1,265 last year. This was a -7.3% percent decrease in price per foot from the same quarter last year, when the average sale price was $1,613,137. The average sales price saw a decline of -17.9% from last years first quarter, decreasing from $1,613,137 to $1,324,707. According to this quarter’s reports, these properties are substantially less time on the market: this year it took an average of 104 days to sell a new development property, versus 147 days in Q1 2017.
Existing condo sales prices are on a slight decline. The average condo sales price in the first quarter of 2018 was $1,045,015, a dip from $1,203,255 last year. A -13.2% percent decline from the first quarter last year. The average market pace for these properties decreased: 90 days this year, versus 101 days in 2017.
Co-op sales prices rose this quarter, selling at an average price of $575,917 dollars—an increase of 10.3% percent from last year’s reports of $521,953 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 79 days, as opposed to last year’s number of 87 days in the same quarter.
1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,106,656, up 5.9% percent from $1,045,305 last year. Houses also sold in 19 fewer days; properties, on average, were only on the market for 80 days, versus 99 days last year.
In the Luxury Market this quarter, the average luxury property sale price was $2,788,647. That’s a slight decrease, down -3.7% percent from last year, but these properties also sold in fewer days, only on the market for 103 days, versus 130 last year.
Across the board, the average recorded price discount was 2.1% percent.
Now, to Brooklyn’s top May 2018 residential sales:
The top single-family sale in Brooklyn this May can be found in the Brooklyn Heights. The selling price of 140 Columbia Heights was an incredible $15,500,000 – about $2,191 dollars per square foot. An enormous 25-foot-wide structure, this historic, landmarked townhouse is completely renovated and offering breathtaking Sunset River, Manhattan Harbor & Skyline Views.
Brooklyn Heights took the top condo sale of the quarter at 90 Furman St #210, which sold for $4,636,449. This modern condo has a luxurious, spacious design with timeless appeal – well worth the $1,604 per square foot. The residents have access to countless amenities, including two 24-hour attended lobbies, valet parking, two fitness centers, a meditation studio, a resident event space, pet-wash, refrigerated storage, playroom, and bike storage. Electric car charging station will be available in the Pierhouse garage for residents' use.
Brooklyn Heights is breaking all the records this quarter. Winning a record sale for the top co-op this May at $3,875,000/ Located at 138 Columbia Heights #2.
For bargain territory, head to Flatlands, Coney Island, & East Flatbush. These least-expensive residential areas in Brooklyn had a median price-per-foot of $358 this May. Single-family homes averaged just $384,554. As far as Brooklyn is concerned, that’s a steal.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
Resources:
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Our Proud Sponsors:
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Brooklyn Multi-Family Real Estate Market Reports Q1 2018
New York Real Estate Market Updates
www.NewYorkMarketReports.com
Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date.
You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a rise compared with same quarter last year. Brooklyn’s Multifamily market rose 18 percent from 2017’s first quarter reports, with sales volume this quarter coming out at $1.3B. Square-footage pricing also increased, up 18% percent from last year to $397 dollars on average. Average selling price went up, to $366,000 – a difference of 18% percent from this time last year. Total transactions were a bit less, down 7% percent to 436 in 2018’s first quarter.
The Multifamily market is trending progressively higher in the past years first quarter. Brooklyn’s top sales are still numbers to marvel at. The top sale of 2018 can be found in Prospect Heights: 461 Dean Street sold for a cool $156,000,000 in March. At a $468 a foot
Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:
Carroll Gardens, with townhouses, brownstones & beautiful parks, tops off the list at an average of $910 per square foot. Cobble Hill comes in second at $856, with Boerum Hill coming in third at $758. Park Slope listed at $696 per square foot, Williamsburg at $626,
Brooklyn Heights at $570, Prospect Heights at $558, Clinton Hill at $483, Greenpoint at $479 and, tenth but certainly not least, the Fort Greene area averaged in at $450 per square foot.
Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 61 total sales, with East New York close behind at 40. Bargain hunters, check out Bensonhurst attractive average price per square foot, just $180.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
Resources:
Organifi
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Our Proud Sponsors:
The RATNER Team
Spartan Renovations
www.NewYorkMarketReports.com
Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date.
You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a rise compared with same quarter last year. Brooklyn’s Multifamily market rose 18 percent from 2017’s first quarter reports, with sales volume this quarter coming out at $1.3B. Square-footage pricing also increased, up 18% percent from last year to $397 dollars on average. Average selling price went up, to $366,000 – a difference of 18% percent from this time last year. Total transactions were a bit less, down 7% percent to 436 in 2018’s first quarter.
The Multifamily market is trending progressively higher in the past years first quarter. Brooklyn’s top sales are still numbers to marvel at. The top sale of 2018 can be found in Prospect Heights: 461 Dean Street sold for a cool $156,000,000 in March. At a $468 a foot
Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:
Carroll Gardens, with townhouses, brownstones & beautiful parks, tops off the list at an average of $910 per square foot. Cobble Hill comes in second at $856, with Boerum Hill coming in third at $758. Park Slope listed at $696 per square foot, Williamsburg at $626,
Brooklyn Heights at $570, Prospect Heights at $558, Clinton Hill at $483, Greenpoint at $479 and, tenth but certainly not least, the Fort Greene area averaged in at $450 per square foot.
Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 61 total sales, with East New York close behind at 40. Bargain hunters, check out Bensonhurst attractive average price per square foot, just $180.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
Resources:
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Our Proud Sponsors:
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Manhattan Multi-Family Real Estate Market Reports Q1 2018
New York Real Estate Market Updates
www.NewYorkMarketReports.com
Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018.
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Manhattan’s iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $1.6 billion: A shocking 52% percent increase over last year’s Q1 sales volume. Square-footage pricing continues to fall, down %35 percent from 2017 to an average of $584. Average selling prices in Manhattan have slightly decreased, down 14% percent from last year’s records and coming in at $506,000 across the island. While total transactions have increased 4% percent, with just 112 sales in the 2018’s first quarter, sales are still as lucrative as expected from this vibrant borough.
Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. 1stQuarter’s top sale is located in the Manhattan Valley, where 122-178 West 97thStreet sold for a striking $287,000,000. A three-building, 420-unit Upper West Side rental complex known as Stonehenge Village. Sources said that the buyer, A&E is planning a long-term hold of the complex. The properties are 98 percent occupied, with a mix of free-market and rent-stabilized tenants. The complex has frontage on West 96th and 97th streets and Amsterdam Avenue in the Upper West Side’s Manhattan Valley neighborhood.
At just $570 per square foot or $637,000 per door, that sale doesn’t even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:
Lower East Side tops off the list at an average of $1,181 per square foot. Chinatown comes in second at $1,087, with Little Italy a close third at $941. Upper West Side listed at $838 per square foot, Yorkville at $822, Manhattan Valley at $585, East Harlem at $471, Harlem at $449, East Village at $344. Tenth but certainly not least, Washington Heights area averaged in at $250 per square foot.
Harlem was the neighborhood with the highest volume of multifamily sales in Q1 2018 again, with 27 total transactions. Both East Village and Manhattan Valley followed close behind, claiming 11-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year despite growing interest and activity in the neighborhood.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
Resources:
Organifi
Wix
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Our Proud Sponsors:
The RATNER Team
Spartan Renovations
www.NewYorkMarketReports.com
Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018.
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Manhattan’s iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $1.6 billion: A shocking 52% percent increase over last year’s Q1 sales volume. Square-footage pricing continues to fall, down %35 percent from 2017 to an average of $584. Average selling prices in Manhattan have slightly decreased, down 14% percent from last year’s records and coming in at $506,000 across the island. While total transactions have increased 4% percent, with just 112 sales in the 2018’s first quarter, sales are still as lucrative as expected from this vibrant borough.
Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. 1stQuarter’s top sale is located in the Manhattan Valley, where 122-178 West 97thStreet sold for a striking $287,000,000. A three-building, 420-unit Upper West Side rental complex known as Stonehenge Village. Sources said that the buyer, A&E is planning a long-term hold of the complex. The properties are 98 percent occupied, with a mix of free-market and rent-stabilized tenants. The complex has frontage on West 96th and 97th streets and Amsterdam Avenue in the Upper West Side’s Manhattan Valley neighborhood.
At just $570 per square foot or $637,000 per door, that sale doesn’t even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:
Lower East Side tops off the list at an average of $1,181 per square foot. Chinatown comes in second at $1,087, with Little Italy a close third at $941. Upper West Side listed at $838 per square foot, Yorkville at $822, Manhattan Valley at $585, East Harlem at $471, Harlem at $449, East Village at $344. Tenth but certainly not least, Washington Heights area averaged in at $250 per square foot.
Harlem was the neighborhood with the highest volume of multifamily sales in Q1 2018 again, with 27 total transactions. Both East Village and Manhattan Valley followed close behind, claiming 11-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year despite growing interest and activity in the neighborhood.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
Resources:
Organifi
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Our Proud Sponsors:
The RATNER Team
Spartan Renovations
Manhattan Residential Real Estate Market Reports Q1 2018
New York Real Estate Market Updates
www.NewYorkMarketReports.com
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.
With an average selling price of $1,933,198, Residential Manhattan’s prices continuing to drop over last year’s 1st quarter. Average price-per-square-foot, fell, this time by an astonishing 18.5% percent down to $1,697 dollars, from $2,083 a foot in Q1 2017. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck.
Total transactions tallied in at 2,180 this quarter, down -24.6% percent from a total of 2,892 sales in Q1 2017. Sales may be dropping, so are the prices, and we expect Manhattan to maintain this trend downtrend for at least till the end of the year. This downtrend is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty to where the market is heading…
The average sale pricing of new development condos dipped 14.1% percent in this final quarter to $4,038,067 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is decreasing, albeit slightly: the average time a development spends on the market is up around 213 days, compared to last year’s data of 225 days.
The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 10.9% percent decrease from 2017. Average sale price for these properties ran around $2,676,281 in Q1 2018, compared to $3,004,098 dollars in 2017. However, the market time for existing condos has decreased by a few days, averaging 131 days.
Co-op sales jumped just 9.6% percent this quarter, reporting an average sales price of $1,361,409 dollars in 2018. Market time increased fractionally as well, coming in at 86 days from 85 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.
Of course, even with a 15.1% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,944,440, a rather steep dive from last year’s average of $9,360,794. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 220 days this quarter, compared to nearly 290 days in Q1 2017.
Across the board, the average recorded price discount was 1.3% percent.
Now for the top sales numbers for May 2018:
The well-known neighborhood of Carnegie Hill topped May’s single-family residential sales. The amazing Upper West Side single-family townhouse at 113 East 79th Street sold for $30,000,000 – about $7,054 dollars per square.
In Central Midtown, the record condo sale for this May goes to 157 West 57th Street #85 that finalized for an almost incredible $53,967,250.
This recently-completed new development condo masterpiece is rising to over one thousand feet above midtown Manhattan, ONE57 elevates New York living with the longest South-to-North views of Central Park ever offered in private residences. Walls of glass illuminate expansive homes of extraordinary scale and light. A lifestyle enhanced by the exceptional personal service of Park Hyatt’s new five-star flagship hotel. Pritzker Prize-winning architect Christian de Portzamparc creates a landmark among landmarks that has forever redefined luxury living in New York.
This May’s top co-op sold in Lenox Hill again for an astonishing $24,500,000
For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – each square foot costs on average only $628 dollars. Average condos in these neighborhoods sold for $455,250 dollars, with average co-op sales only slightly lower at $450,000 dollars.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
Resources:
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Our Proud Sponsors:
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www.NewYorkMarketReports.com
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.
With an average selling price of $1,933,198, Residential Manhattan’s prices continuing to drop over last year’s 1st quarter. Average price-per-square-foot, fell, this time by an astonishing 18.5% percent down to $1,697 dollars, from $2,083 a foot in Q1 2017. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck.
Total transactions tallied in at 2,180 this quarter, down -24.6% percent from a total of 2,892 sales in Q1 2017. Sales may be dropping, so are the prices, and we expect Manhattan to maintain this trend downtrend for at least till the end of the year. This downtrend is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty to where the market is heading…
The average sale pricing of new development condos dipped 14.1% percent in this final quarter to $4,038,067 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is decreasing, albeit slightly: the average time a development spends on the market is up around 213 days, compared to last year’s data of 225 days.
The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 10.9% percent decrease from 2017. Average sale price for these properties ran around $2,676,281 in Q1 2018, compared to $3,004,098 dollars in 2017. However, the market time for existing condos has decreased by a few days, averaging 131 days.
Co-op sales jumped just 9.6% percent this quarter, reporting an average sales price of $1,361,409 dollars in 2018. Market time increased fractionally as well, coming in at 86 days from 85 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.
Of course, even with a 15.1% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,944,440, a rather steep dive from last year’s average of $9,360,794. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 220 days this quarter, compared to nearly 290 days in Q1 2017.
Across the board, the average recorded price discount was 1.3% percent.
Now for the top sales numbers for May 2018:
The well-known neighborhood of Carnegie Hill topped May’s single-family residential sales. The amazing Upper West Side single-family townhouse at 113 East 79th Street sold for $30,000,000 – about $7,054 dollars per square.
In Central Midtown, the record condo sale for this May goes to 157 West 57th Street #85 that finalized for an almost incredible $53,967,250.
This recently-completed new development condo masterpiece is rising to over one thousand feet above midtown Manhattan, ONE57 elevates New York living with the longest South-to-North views of Central Park ever offered in private residences. Walls of glass illuminate expansive homes of extraordinary scale and light. A lifestyle enhanced by the exceptional personal service of Park Hyatt’s new five-star flagship hotel. Pritzker Prize-winning architect Christian de Portzamparc creates a landmark among landmarks that has forever redefined luxury living in New York.
This May’s top co-op sold in Lenox Hill again for an astonishing $24,500,000
For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – each square foot costs on average only $628 dollars. Average condos in these neighborhoods sold for $455,250 dollars, with average co-op sales only slightly lower at $450,000 dollars.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Thanks for listening.
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
Brooklyn Residential Rental Market Report | March 2018
Welcome to the New York Real Estate Market Update
www.NewYorkMarketReports.com
Welcome to the New York Real Estate Market Update
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has continued to thaw out, and is seeing more improvements as we head toward the peak spring and summer real estate season.
Even though some of the positive data may be credited to landlords offering better deals and concessions, everyone should be pleased that the market appears to be shaking off the gloom of last winter. That is with the exception of renters who may not see a break coming in much lower rents.has seen seasonal softness in rentals over the past few months.
Overall, Brooklyn rental prices nudged up by an average of 1% in March 2018. There was still some softness in a few neighborhoods which saw rents down by less than 1%. Those included; Bay Ridge, Bed-Stuy and Williamsburg.
Top performers, include this month include Bushwick, Crown Heights and Prospect Lefferts Gardens again.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge.
Among the most notable stats over the last month was the almost 16% rise in DUMBO 2 bedroom rental rates, taking the average up by over $900 per month.
Month over month, Price per square foot rose again. This time by 3.5%. Listing inventory rose 1.2%, and days on market slide further, by 8.8%, standing at 28 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental rates are down an average of almost 1.4% over the same period in 2017. The number of leases being signed also fell this month, by over 21%. That’s despite an over 30% rise in OP and concessions. On average landlords are now giving up 1.5 months of free rent to new tenants.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is down slightly to $52
average unit size is up slightly to 542 square feet
30 studios are No Fee, and 127 are Fee apartments
Month over month changes saw rents fall 4.9%, though price per square foot rose another 1.5%.
And year over year rents are down 9.1%
Units with elevators rented for more than $400 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $600 per month to rents last month.
Units with full time lobby attendance are renting for almost $300 a month more. Less, than last month, though we could see even more digital and virtual assistants and doormen close this gap.
There was only a minor premium for outdoor space.
For 1 bedrooms...
Average price per foot is up slightly at $46.23
The average unit size is down again, to 711 square feet
6 1 beds were No Fee, versus 124 Fee apartments
Month over month change rents are down 1%
year over year rents are down 2%
No fee 1 bedrooms rented for $12 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $4 more per square foot
Units with NO private outdoor space are renting for around $244 less per month
The difference in rents for elevator versus walk-up units is $7 per square foot
Units with gyms rented for $7 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $500 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,004
Average price per foot is $44
average unit size is 827 square feet
3, 2 bedroom apartments were No Fee rentals, versus 35 Fee rentals
Month over month rents are up 1.9%
But year over year they are up 0.1%
Having a laundry in the building can add almost $400 per month to the rent.
Those WITHOUT private outdoor spaces actually rented for $5 more per square foot
A 2 bedroom with a gym in the building is getting $16 more per square foot
Those with full time lobby attendant are renting for around $8,000 more per month.
There is around a $600 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is down to $36
The average unit size is down sharply to 759 square foot
1, 3 bedroom rental was No Fee, versus 73 rentals with Fee
Month over month rents are down 6.4%
year over year rents are UP 0.8%
No FEE apartments rented for around $2,000 more than fee apartments last month.
Those with gyms rented for $6 more per square foot.
Having a laundry in the building can make a $16 difference per rent per square foot
Expect to get as much almost $1,000 more per month for units with private outdoor space
Elevator apartments rented for $9 more per square foot last month
Having a full time lobby attendant made a $10 per square foot difference, with total monthly rent almost $3,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but those who make concessions seem to be able rent faster and even keep rents heading up.
Once again, one of the biggest changes in March was for 2 bedroom rental prices, suggesting that contrary to some media suggestions, NY renters actually want more space. However, most categories seem to have seen size of units being leased shrinking over the last month. That may reflect smaller new construction units coming onto the market.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
www.NewYorkMarketReports.com
Welcome to the New York Real Estate Market Update
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, the data shows the Brooklyn rental market has continued to thaw out, and is seeing more improvements as we head toward the peak spring and summer real estate season.
Even though some of the positive data may be credited to landlords offering better deals and concessions, everyone should be pleased that the market appears to be shaking off the gloom of last winter. That is with the exception of renters who may not see a break coming in much lower rents.has seen seasonal softness in rentals over the past few months.
Overall, Brooklyn rental prices nudged up by an average of 1% in March 2018. There was still some softness in a few neighborhoods which saw rents down by less than 1%. Those included; Bay Ridge, Bed-Stuy and Williamsburg.
Top performers, include this month include Bushwick, Crown Heights and Prospect Lefferts Gardens again.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge.
Among the most notable stats over the last month was the almost 16% rise in DUMBO 2 bedroom rental rates, taking the average up by over $900 per month.
Month over month, Price per square foot rose again. This time by 3.5%. Listing inventory rose 1.2%, and days on market slide further, by 8.8%, standing at 28 days on average.
Year over year, Brooklyn rental prices are still not in much better shape. Rental rates are down an average of almost 1.4% over the same period in 2017. The number of leases being signed also fell this month, by over 21%. That’s despite an over 30% rise in OP and concessions. On average landlords are now giving up 1.5 months of free rent to new tenants.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is down slightly to $52
average unit size is up slightly to 542 square feet
30 studios are No Fee, and 127 are Fee apartments
Month over month changes saw rents fall 4.9%, though price per square foot rose another 1.5%.
And year over year rents are down 9.1%
Units with elevators rented for more than $400 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $600 per month to rents last month.
Units with full time lobby attendance are renting for almost $300 a month more. Less, than last month, though we could see even more digital and virtual assistants and doormen close this gap.
There was only a minor premium for outdoor space.
For 1 bedrooms...
Average price per foot is up slightly at $46.23
The average unit size is down again, to 711 square feet
6 1 beds were No Fee, versus 124 Fee apartments
Month over month change rents are down 1%
year over year rents are down 2%
No fee 1 bedrooms rented for $12 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $4 more per square foot
Units with NO private outdoor space are renting for around $244 less per month
The difference in rents for elevator versus walk-up units is $7 per square foot
Units with gyms rented for $7 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $500 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,004
Average price per foot is $44
average unit size is 827 square feet
3, 2 bedroom apartments were No Fee rentals, versus 35 Fee rentals
Month over month rents are up 1.9%
But year over year they are up 0.1%
Having a laundry in the building can add almost $400 per month to the rent.
Those WITHOUT private outdoor spaces actually rented for $5 more per square foot
A 2 bedroom with a gym in the building is getting $16 more per square foot
Those with full time lobby attendant are renting for around $8,000 more per month.
There is around a $600 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is down to $36
The average unit size is down sharply to 759 square foot
1, 3 bedroom rental was No Fee, versus 73 rentals with Fee
Month over month rents are down 6.4%
year over year rents are UP 0.8%
No FEE apartments rented for around $2,000 more than fee apartments last month.
Those with gyms rented for $6 more per square foot.
Having a laundry in the building can make a $16 difference per rent per square foot
Expect to get as much almost $1,000 more per month for units with private outdoor space
Elevator apartments rented for $9 more per square foot last month
Having a full time lobby attendant made a $10 per square foot difference, with total monthly rent almost $3,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but those who make concessions seem to be able rent faster and even keep rents heading up.
Once again, one of the biggest changes in March was for 2 bedroom rental prices, suggesting that contrary to some media suggestions, NY renters actually want more space. However, most categories seem to have seen size of units being leased shrinking over the last month. That may reflect smaller new construction units coming onto the market.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
Brooklyn Residential Rental Market Report | February 2018
Welcome to the New York Real Estate Market Update
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions, and better marketing may have begun turning that around this year according to the latest data.
Overall, Brooklyn rental prices nudged up by an average of $10 per month in February 2018. While rents and the market continued some modest improvements in February, some of Brooklyn’s most fashionable neighborhoods and recent top performers like Fort Greene lost ground. Top performers, include this month include Bushwick, with a 10.2% rise in studio prices. Crown Heights and Prospect Lefferts Gardens once again showed positive growth.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge.
Among the most notable stats over the last month was the 13.9% jump in Cobble Hill studio rental prices.
Month over month, overall Brooklyn rents have moved up. Price per square foot reversed previous trends as rose 8.5% in February. Listing inventory fell another 4.2%, and days on market slide further, by over 11% to just 31 days on average.
Year over year, Brooklyn rental prices are still relatively flat. The number of leases being signed are up again this month. This is likely directly linked to an over 30% increase in concessions over last year.
Overall:
New leases are down by over 15.1%%
OP + Concessions are up 31.8%
Negotiability and discounts fell by just under 1%
Inventory levels dropped by over 21%
And marketing time has dropped to 31 days
This data may be very encouraging landlords after several months of softness. Landlords do appear to be responding to recent softness with stronger offers for new tenants. Lower inventory levels should keep a good balance and leasing activity over the next few months as we warm up for the busy summer season.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is down slightly to $56
average unit size is up slightly to 532 square feet
30 studios are No Fee, and 127 are Fee apartments
Month over month changes saw rents fall 5.6%, though the price per square foot soared by 44%.
And year over year rents are down 0.9%
Renters paid around $6 more per square foot for no fee studio rentals last month.
Having on-site laundry facilities in the building made a positive difference of $2 per square foot in February.
Units with elevators rented for $301 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.
Units with full-time lobby attendance are renting for almost $660 a month more. Less, than last month, though we could see even more digital and virtual assistants and doormen close this gap.
There was only a minor premium for outdoor space.
For 1 bedrooms...
The average price per foot is down slightly at $42
The average unit size is down again, to 715 square feet
8 1 beds were No Fee, versus 236 Fee apartments
Month over month change rents are up 3.6%
year over year rents are down 3.1%
No fee 1 bedrooms rented for $8 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $6 more per square foot
Units with NO private outdoor space are renting for around $30 less per month
The difference in rents for elevator versus walk-up units is $1 per square foot
Units with gyms rented for $9 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $400 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,088
The average price per foot is $42
average unit size is 952 square feet
13, 2 bedroom apartments were No Fee rentals, versus 232 Fee rentals
Month over month rents are up 4.1%
But year over year they are down 0.1%
Having a laundry in the building can add almost $300 per month to the rent.
Those with private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is getting $10 more per square foot
Those with full-time lobby attendant are renting for over $1,000 more per month.
There is around a $600 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is flat at $42
The average unit size is 1,219 square foot
1, 3 bedroom rental was No Fee, versus 91 rentals with Fee
Month over month rents are down 1.2%
year over year rents are UP 16.1%
No FEE apartments rented for almost $6,500 less than fee apartments last month.
Those with gyms rented for $20 more per square foot.
Having a laundry in the building can make a $16 difference per rent per square foot
Expect to get as much almost $1,000 more per month for units with private outdoor space
Elevator apartments rented for $15 more per square foot last month
Having a full-time lobby attendant made a $20 per square foot difference, with total monthly rent almost $3,400 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but concessions may still need to be offered to rent faster. A new dip in inventory levels could mean better conditions over the next few months.
One of the biggest changes in February was the year over year leap in 3 bedroom rental prices. The following growth in the 3bedrooms rental market, suggesting that contrary to some media suggestions, NY renters actually want more space.
Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
Thanks for listening!
Resources:
Organifi
Wix
-
Our Proud Sponsors:
The RATNER Team
Spartan Renovations
www.NewYorkMarketReports.com
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions, and better marketing may have begun turning that around this year according to the latest data.
Overall, Brooklyn rental prices nudged up by an average of $10 per month in February 2018. While rents and the market continued some modest improvements in February, some of Brooklyn’s most fashionable neighborhoods and recent top performers like Fort Greene lost ground. Top performers, include this month include Bushwick, with a 10.2% rise in studio prices. Crown Heights and Prospect Lefferts Gardens once again showed positive growth.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge.
Among the most notable stats over the last month was the 13.9% jump in Cobble Hill studio rental prices.
Month over month, overall Brooklyn rents have moved up. Price per square foot reversed previous trends as rose 8.5% in February. Listing inventory fell another 4.2%, and days on market slide further, by over 11% to just 31 days on average.
Year over year, Brooklyn rental prices are still relatively flat. The number of leases being signed are up again this month. This is likely directly linked to an over 30% increase in concessions over last year.
Overall:
New leases are down by over 15.1%%
OP + Concessions are up 31.8%
Negotiability and discounts fell by just under 1%
Inventory levels dropped by over 21%
And marketing time has dropped to 31 days
This data may be very encouraging landlords after several months of softness. Landlords do appear to be responding to recent softness with stronger offers for new tenants. Lower inventory levels should keep a good balance and leasing activity over the next few months as we warm up for the busy summer season.
Now let’s take a look at rentals by unit type:
For studios
The average price per foot is down slightly to $56
average unit size is up slightly to 532 square feet
30 studios are No Fee, and 127 are Fee apartments
Month over month changes saw rents fall 5.6%, though the price per square foot soared by 44%.
And year over year rents are down 0.9%
Renters paid around $6 more per square foot for no fee studio rentals last month.
Having on-site laundry facilities in the building made a positive difference of $2 per square foot in February.
Units with elevators rented for $301 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.
Units with full-time lobby attendance are renting for almost $660 a month more. Less, than last month, though we could see even more digital and virtual assistants and doormen close this gap.
There was only a minor premium for outdoor space.
For 1 bedrooms...
The average price per foot is down slightly at $42
The average unit size is down again, to 715 square feet
8 1 beds were No Fee, versus 236 Fee apartments
Month over month change rents are up 3.6%
year over year rents are down 3.1%
No fee 1 bedrooms rented for $8 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $6 more per square foot
Units with NO private outdoor space are renting for around $30 less per month
The difference in rents for elevator versus walk-up units is $1 per square foot
Units with gyms rented for $9 more per square foot last month.
Buildings with full-time lobby attendants are renting for almost $400 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,088
The average price per foot is $42
average unit size is 952 square feet
13, 2 bedroom apartments were No Fee rentals, versus 232 Fee rentals
Month over month rents are up 4.1%
But year over year they are down 0.1%
Having a laundry in the building can add almost $300 per month to the rent.
Those with private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is getting $10 more per square foot
Those with full-time lobby attendant are renting for over $1,000 more per month.
There is around a $600 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is flat at $42
The average unit size is 1,219 square foot
1, 3 bedroom rental was No Fee, versus 91 rentals with Fee
Month over month rents are down 1.2%
year over year rents are UP 16.1%
No FEE apartments rented for almost $6,500 less than fee apartments last month.
Those with gyms rented for $20 more per square foot.
Having a laundry in the building can make a $16 difference per rent per square foot
Expect to get as much almost $1,000 more per month for units with private outdoor space
Elevator apartments rented for $15 more per square foot last month
Having a full-time lobby attendant made a $20 per square foot difference, with total monthly rent almost $3,400 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but concessions may still need to be offered to rent faster. A new dip in inventory levels could mean better conditions over the next few months.
One of the biggest changes in February was the year over year leap in 3 bedroom rental prices. The following growth in the 3bedrooms rental market, suggesting that contrary to some media suggestions, NY renters actually want more space.
Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and sales reports every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full-time professionals and always here to help!
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Brooklyn Residential Rental Market Report | January 2018
Welcome to the New York Real Estate Market Update
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions and better marketing, may finally be turning that around according to the latest data.
Overall, Brooklyn rental prices nudge up slightly in January 2018, by 0.7%. While rents continued to slide in some of Brooklyn’s most fashionable neighborhoods in January, less expensive ones picked up steam. Top performers, include: Bushwick, Crown Heights, and Prospect Lefferts Gardens.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge, Prospect Lefferts Gardens and Fort Greene.
Among the most notable stats over the last month was the 3.8% jump in Fort Greene rental prices. Showing more tenants leaning towards more affordable Brooklyn neighborhoods.
Month over month, overall Brooklyn rents have nudge up. Price per square foot fell by 6.8%, Listing inventory is down by over 15%, and days on market are up by 20% to 33 days.
Year over year, Brooklyn rental prices are relatively flat. The number of leases being signed are up dramatically, by 42.1%. However, this could be directly linked to a near 30% increase in concessions over last year.
Overall:
New leases are down by over 40%
OP + Concessions are up 29.4%%
Negotiability and discounts rose just under 1%
Inventory levels dropped by over 21%
And marketing time has dropped to 33 days
This data may be very encouraging landlords after several months of softness. Landlords do appear to be dealing with the correction or season with stronger offers for new tenants. Hopefully lower inventory levels will help keep a good balance and strong leasing market over the next few months.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is up slightly to $57
average unit size is down to 510 square feet
Average Days on the market is up sharply to 56 days
17 studios are No Fee, and 115 are Fee apartments
Month over month changes saw rents rise 3.4%
And year over year rents are up 3.2%
Renters paid around $3,000 more per month for no fee studio rentals last month.
Having on-site laundry facilities in the building made a positive difference of approximately $900 per month in January
Units with elevators rented for around $500 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of $2,300 per month to rents last month.
Units with full time lobby attendance are renting for over $1,200 a month more.
In all, we are seeing a big premium outdoor space.
For 1 bedrooms...
Average price per foot is steady at $47
The average unit size is down to 722 square feet
Average Days on the market is up substantially to 71 days
6 1 beds were No Fee, versus 128 Fee apartments
Month over month change rents are down 0.8%
year over year rents are up 3.2%
No fee 1 bedrooms rented for $17 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $8 more per square foot
Units with NO private outdoor space are renting for around $200 less per month
The difference in rents for elevator versus walk-up units is $9 per square foot
Units with gyms rented for $13 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $500 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $2,820
Average price per foot is $40
average unit size is 949 square feet
Average Days on the market is up a lot to 80 days
8, 2 bedroom apartments were No Fee rentals, versus 217 Fee rentals
Month over month rents are up 1.5%
But year over year they are down 0.2%
Having a laundry in the building can add over $300 per month to the rent.
Those with private outdoor spaces rented for $11 more per square foot
A 2 bedroom with a gym in the building is getting $14 more per square foot
Those with full time lobby attendant are renting for over $1.000 more per month.
There is around a $500 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is flat at $39
The average unit size is 1,400 square foot
Average Days on the market is up to 75 days
2, 3 bedroom rentals were No Fee, versus 113 rentals with Fee
Month over month rents are down 11.7%
year over year rents are UP 13.2%
No FEE apartments rented for almost $2,000 less than fee apartments last month.
Those with gyms rented for $19 more per square foot.
Having a laundry in the building can make a $13 difference per rent per square foot
Expect to get as much as $1,133 more per month for units with private outdoor space
Elevator apartments rented for $17 more per square foot last month
Having a full time lobby attendant made a $20 per square foot difference, with total monthly rent almost $4,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but concessions may need to be offered to rent faster. A new dip in inventory levels could mean better conditions over the next few months.
One of the biggest changes in January was the luxury market up the most at over 8% month over month. We are also seeing a massive premium on special features, and more growth in the 3 bedroom rental market, suggesting that contrary to some media suggestions, NY rentals actually want more space.
Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas, like Fort Greene.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions and better marketing, may finally be turning that around according to the latest data.
Overall, Brooklyn rental prices nudge up slightly in January 2018, by 0.7%. While rents continued to slide in some of Brooklyn’s most fashionable neighborhoods in January, less expensive ones picked up steam. Top performers, include: Bushwick, Crown Heights, and Prospect Lefferts Gardens.
DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being seen in Bay Ridge, Prospect Lefferts Gardens and Fort Greene.
Among the most notable stats over the last month was the 3.8% jump in Fort Greene rental prices. Showing more tenants leaning towards more affordable Brooklyn neighborhoods.
Month over month, overall Brooklyn rents have nudge up. Price per square foot fell by 6.8%, Listing inventory is down by over 15%, and days on market are up by 20% to 33 days.
Year over year, Brooklyn rental prices are relatively flat. The number of leases being signed are up dramatically, by 42.1%. However, this could be directly linked to a near 30% increase in concessions over last year.
Overall:
New leases are down by over 40%
OP + Concessions are up 29.4%%
Negotiability and discounts rose just under 1%
Inventory levels dropped by over 21%
And marketing time has dropped to 33 days
This data may be very encouraging landlords after several months of softness. Landlords do appear to be dealing with the correction or season with stronger offers for new tenants. Hopefully lower inventory levels will help keep a good balance and strong leasing market over the next few months.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is up slightly to $57
average unit size is down to 510 square feet
Average Days on the market is up sharply to 56 days
17 studios are No Fee, and 115 are Fee apartments
Month over month changes saw rents rise 3.4%
And year over year rents are up 3.2%
Renters paid around $3,000 more per month for no fee studio rentals last month.
Having on-site laundry facilities in the building made a positive difference of approximately $900 per month in January
Units with elevators rented for around $500 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They added an average of $2,300 per month to rents last month.
Units with full time lobby attendance are renting for over $1,200 a month more.
In all, we are seeing a big premium outdoor space.
For 1 bedrooms...
Average price per foot is steady at $47
The average unit size is down to 722 square feet
Average Days on the market is up substantially to 71 days
6 1 beds were No Fee, versus 128 Fee apartments
Month over month change rents are down 0.8%
year over year rents are up 3.2%
No fee 1 bedrooms rented for $17 more per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $8 more per square foot
Units with NO private outdoor space are renting for around $200 less per month
The difference in rents for elevator versus walk-up units is $9 per square foot
Units with gyms rented for $13 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $500 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $2,820
Average price per foot is $40
average unit size is 949 square feet
Average Days on the market is up a lot to 80 days
8, 2 bedroom apartments were No Fee rentals, versus 217 Fee rentals
Month over month rents are up 1.5%
But year over year they are down 0.2%
Having a laundry in the building can add over $300 per month to the rent.
Those with private outdoor spaces rented for $11 more per square foot
A 2 bedroom with a gym in the building is getting $14 more per square foot
Those with full time lobby attendant are renting for over $1.000 more per month.
There is around a $500 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is flat at $39
The average unit size is 1,400 square foot
Average Days on the market is up to 75 days
2, 3 bedroom rentals were No Fee, versus 113 rentals with Fee
Month over month rents are down 11.7%
year over year rents are UP 13.2%
No FEE apartments rented for almost $2,000 less than fee apartments last month.
Those with gyms rented for $19 more per square foot.
Having a laundry in the building can make a $13 difference per rent per square foot
Expect to get as much as $1,133 more per month for units with private outdoor space
Elevator apartments rented for $17 more per square foot last month
Having a full time lobby attendant made a $20 per square foot difference, with total monthly rent almost $4,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that the market is still strong, but concessions may need to be offered to rent faster. A new dip in inventory levels could mean better conditions over the next few months.
One of the biggest changes in January was the luxury market up the most at over 8% month over month. We are also seeing a massive premium on special features, and more growth in the 3 bedroom rental market, suggesting that contrary to some media suggestions, NY rentals actually want more space.
Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas, like Fort Greene.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Brooklyn Residential Rental Market Report | December 2017
Welcome to the New York Real Estate Market Update
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen seasonal softness in rentals continue, with rents down at least an average of just over 0.5% since last month. However, there were some strong performers, including; Bayridge, DUMBO, Fort Greene, and Greenpoint.
DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable studio to two bedroom rental apartments are still in Bay Ridge.
Among the most notable stats over the last month was the 13.4% jump in Greenpoint studio rental prices. This is due to new construction developments, existing oversized loft units coming onto the market, and more interest in the neighborhood due to the upcoming train shutdown.
Month over month, overall Brooklyn rents have fallen an average of $15 to $80 per month. Price per square foot fell slightly by just over 1%, inventory is down, and days on market fell by over 10%, to just 23 days. However, this is likely due to a lot of concessions on new leases.
Year over year, Brooklyn rental prices have fallen even further. The number of leases being signed are down, and we’ve seen over a 30% increase in concessions over last year.
Overall:
New leases are down by over 10%
OP + Concessions are up 32.4%
Negotiability and discounts rose just under 1%
Inventory levels dropped by over 11%
And marketing time has dropped by 32.6%
A lot of this data reflects normal seasonal challenges for landlords, though there could be a larger trend in play as well. Those attempting to lease their units now will definitely need to be competitive in offers special deals.
We are also definitely seeing a shift in interest, leasing, and growth to emerging areas like Bay Ridge and Greenpoint.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is up slightly to $51
average unit size is down to 520 square feet
Average Days on the market is 42 days
100 studios are No Fee, and 133 are Fee apartments
Month over month changes saw rents down 2.7%
And year over year rents are down 15.1%
Renters paid around $170 less per month for no fee studio rentals last month.
Having on-site laundry facilities in the building didn’t make much difference month.
Units with private outdoor space, rent for around $240 more per month.
Units with elevators rented for around $300 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $400 per month to rents.
Tenants are now paying around $400 more per month in buildings which have a full-time lobby attendant. That’s twice as much over the previous month.
In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.
For 1 bedrooms...
Average price per foot is up to $43
The average unit size is up to 759 square feet
Average Days on the market is up to 56 days
138 1 beds were No Fee, versus 104 Fee apartments
Month over month change rents are down 2%
year over year rents are down 1.7%
No fee 1 bedrooms rented for the same amount per square foot as fee apartments last month.
Having a laundry in the building saw 1 beds renting for $4 more per square foot
Units with NO private outdoor space are renting for almost $100 less per month
The difference in rents for elevator versus walk-up units is $7 per square foot
Units with gyms rented for $7 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $400 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,198.
Average price per foot is $41
average unit size is 937 square feet
Average Days on the market is up to 58 days
134, 2 bedroom apartments were No Fee rentals, versus 104 Fee rentals
Month over month rents are down 3.4%
But year over year they are up 0.4%
Units with an extra bath or half bath meant renting for $400 to $500 more month last month
Having a laundry in the building can add $178 per month to the rent.
Those with private outdoor spaces rented for $5 more per square foot
A 2 bedroom with a gym in the building is getting $3 more per square foot
Those with full time lobby attendant are renting for over $600 more per month.
There is around a $500 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is $41
The average unit size is 1,394 square foot
Average Days on the market is up to 63 days
85, 3 bedroom rentals were No Fee, versus 120 rentals with Fee
Month over month rents are down -1.6%
year over year rents are UP 3.9%
No FEE apartments rented for $3 more per square foot than fee apartments last month.
Those with gyms rented for $15 more per square foot.
Having a laundry in the building can make a $5 difference per rent per square foot
Expect to get as much as $340 more per month for units with private outdoor space
Elevator apartments rented for $9 more per square foot last month
Having a full time lobby attendant made a $13 per square foot difference, with total monthly rent almost $2,500 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Year over year data may suggest a larger downward trend in play. Certain features offer little benefit, but others are commanding even bigger premiums. This month’s data may also be impacted by the leasing of some larger units, and concessions and deals being offered by landlords.
Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas, like Greenpoint.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen seasonal softness in rentals continue, with rents down at least an average of just over 0.5% since last month. However, there were some strong performers, including; Bayridge, DUMBO, Fort Greene, and Greenpoint.
DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable studio to two bedroom rental apartments are still in Bay Ridge.
Among the most notable stats over the last month was the 13.4% jump in Greenpoint studio rental prices. This is due to new construction developments, existing oversized loft units coming onto the market, and more interest in the neighborhood due to the upcoming train shutdown.
Month over month, overall Brooklyn rents have fallen an average of $15 to $80 per month. Price per square foot fell slightly by just over 1%, inventory is down, and days on market fell by over 10%, to just 23 days. However, this is likely due to a lot of concessions on new leases.
Year over year, Brooklyn rental prices have fallen even further. The number of leases being signed are down, and we’ve seen over a 30% increase in concessions over last year.
Overall:
New leases are down by over 10%
OP + Concessions are up 32.4%
Negotiability and discounts rose just under 1%
Inventory levels dropped by over 11%
And marketing time has dropped by 32.6%
A lot of this data reflects normal seasonal challenges for landlords, though there could be a larger trend in play as well. Those attempting to lease their units now will definitely need to be competitive in offers special deals.
We are also definitely seeing a shift in interest, leasing, and growth to emerging areas like Bay Ridge and Greenpoint.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is up slightly to $51
average unit size is down to 520 square feet
Average Days on the market is 42 days
100 studios are No Fee, and 133 are Fee apartments
Month over month changes saw rents down 2.7%
And year over year rents are down 15.1%
Renters paid around $170 less per month for no fee studio rentals last month.
Having on-site laundry facilities in the building didn’t make much difference month.
Units with private outdoor space, rent for around $240 more per month.
Units with elevators rented for around $300 per month more than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $400 per month to rents.
Tenants are now paying around $400 more per month in buildings which have a full-time lobby attendant. That’s twice as much over the previous month.
In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.
For 1 bedrooms...
Average price per foot is up to $43
The average unit size is up to 759 square feet
Average Days on the market is up to 56 days
138 1 beds were No Fee, versus 104 Fee apartments
Month over month change rents are down 2%
year over year rents are down 1.7%
No fee 1 bedrooms rented for the same amount per square foot as fee apartments last month.
Having a laundry in the building saw 1 beds renting for $4 more per square foot
Units with NO private outdoor space are renting for almost $100 less per month
The difference in rents for elevator versus walk-up units is $7 per square foot
Units with gyms rented for $7 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $400 more per month than those without attendants.
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,198.
Average price per foot is $41
average unit size is 937 square feet
Average Days on the market is up to 58 days
134, 2 bedroom apartments were No Fee rentals, versus 104 Fee rentals
Month over month rents are down 3.4%
But year over year they are up 0.4%
Units with an extra bath or half bath meant renting for $400 to $500 more month last month
Having a laundry in the building can add $178 per month to the rent.
Those with private outdoor spaces rented for $5 more per square foot
A 2 bedroom with a gym in the building is getting $3 more per square foot
Those with full time lobby attendant are renting for over $600 more per month.
There is around a $500 premium for elevator versus walk-up apartments.
For 3 bedroom apartments
the average price per foot is $41
The average unit size is 1,394 square foot
Average Days on the market is up to 63 days
85, 3 bedroom rentals were No Fee, versus 120 rentals with Fee
Month over month rents are down -1.6%
year over year rents are UP 3.9%
No FEE apartments rented for $3 more per square foot than fee apartments last month.
Those with gyms rented for $15 more per square foot.
Having a laundry in the building can make a $5 difference per rent per square foot
Expect to get as much as $340 more per month for units with private outdoor space
Elevator apartments rented for $9 more per square foot last month
Having a full time lobby attendant made a $13 per square foot difference, with total monthly rent almost $2,500 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Year over year data may suggest a larger downward trend in play. Certain features offer little benefit, but others are commanding even bigger premiums. This month’s data may also be impacted by the leasing of some larger units, and concessions and deals being offered by landlords.
Other notable changes show a shift in demand and acceleration of rents to emerging and affordable areas, like Greenpoint.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Brooklyn Residential Rental Market Report | November 2017
Welcome to the New York Real Estate Market Update
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen its seasonal price correction continue, with rents down an average of just over 0.8% since last month. The best performers of the month, with positive rental growth were DUMBO, Fort Greene, Brooklyn Heights, and Boerum Hill.
DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable studio and one bedroom rental apartments are being found in Bay Ridge.
Among the most notable stats over the last month was the 2.3% jump in Fort Greene rental prices.
Month over month, overall Brooklyn rents have fallen to an average of $2,730.56 per month. Price per square foot fell slightly by 1.6%, inventory is down, and days on market rose by over 10%, but is still healthy at 43 days.
Year over year, Brooklyn rental prices actually grew by 0.5%, and 4.9% more leases were signed last month, but concessions are up 3.2%.
Overall:
New leases are up by 4.9%%
OP + Concessions are up 3.2%
Negotiability is almost flat
Inventory levels are up 15.8%
And marketing time has dropped by 5 days
If you look at this trending data on the graph charts, landlords should note that this is likely to be the one of the best moments to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.
If you have vacant units, it is time to fill them.
If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is down to $50
average unit size is 617 square feet
Average Days on the market is 37 days
17 studios are No Fee, and 123 are Fee apartments
Month over month changes saw rents down 3.8%
And year over year rents are down 3.2%
Renters can currently expect to pay $100 more per month for no fee studio rentals, than those with fees.
1 bathrooms are currently renting for around $600 more per month than those with an extra half bath.
Having on-site laundry facilities in the building can increase rents by over $200 a month.
Units with private outdoor space, rent for around $400 more per month.
Units with elevators paid less than per month than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $300 per month to rents.
Tenants are now paying around $200 more per month in buildings which have a full-time lobby attendant. A substantial decrease from last month.
In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.
For 1 bedrooms...
Average price per foot is down to $41
The average unit size is up to 714 square feet
Average Days on the market is down to 43 days
Just 24 1 beds were No Fee, versus 224 Fee apartments
Month over month change rents are, up 0.2%
year over year rents are down 0.8%
No fee 1 bedrooms rented for $2 per square foot more than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $4 more per square foot
Units with NO private outdoor space are renting for almost $300 less per month
The difference in rents for elevator versus walk-up units is $5 per square foot
Units with gyms rented for $15 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $400 more per month
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,186.
Average price per foot is $42
average unit size is 961 square feet
Average Days on the market is 45 days
Just 35, 2 bedroom apartments were No Fee rentals, versus 209 Fee rentals
Month over month rents are up 0.3%
But year over year they are up 4.6%
Units with an extra bath or half bath rented for $119 to $467 more month than 1 bath units
Having a laundry in the building can add $6 per month to the rent.
Those with private outdoor spaces rented for $2 more per square foot
A 2 bedroom with a gym in the building is getting $7 more per square foot
Those with full time lobby attendant are renting for over $600 more per month.
There is around a $400 premium for elevator versus walk-up apartments.
There is very little difference between 2 bedroom pet friendly units, or short or long term rentals.
For 3 bedroom apartments
the average price per foot is $41
The average unit size is 1,372 square foot
Average Days on the market sits at 47 days
Just 10, 3 bedroom rentals were No Fee, versus 93 rentals with Fee
Month over month rents are down almost 11%
year over year rents are UP 9%
No FEE apartments rented for $3 less per square foot than fee apartments last month.
Those with gyms rented for $18 more per square foot.
Having a laundry in the building can make a $9 difference per rent per square foot
Expect to get $8 more per month for units with private outdoor space
Elevator apartments rented for $13 more per square foot last month
Having a full time lobby attendant made a $12 per square foot difference, with total monthly rent over $3,300 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Certain features offer little benefit, but others are commanding even bigger premiums. Consider these adjustments when renovating buildings, or developing new ones, so that you are maximizing ROI at every level.
As we go through these seasonal changes, and look at how some property types are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though it appears many are being more realistic about the overall market and how competitive it is today, and are pricing that in to their asking prices.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn has seen its seasonal price correction continue, with rents down an average of just over 0.8% since last month. The best performers of the month, with positive rental growth were DUMBO, Fort Greene, Brooklyn Heights, and Boerum Hill.
DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable studio and one bedroom rental apartments are being found in Bay Ridge.
Among the most notable stats over the last month was the 2.3% jump in Fort Greene rental prices.
Month over month, overall Brooklyn rents have fallen to an average of $2,730.56 per month. Price per square foot fell slightly by 1.6%, inventory is down, and days on market rose by over 10%, but is still healthy at 43 days.
Year over year, Brooklyn rental prices actually grew by 0.5%, and 4.9% more leases were signed last month, but concessions are up 3.2%.
Overall:
New leases are up by 4.9%%
OP + Concessions are up 3.2%
Negotiability is almost flat
Inventory levels are up 15.8%
And marketing time has dropped by 5 days
If you look at this trending data on the graph charts, landlords should note that this is likely to be the one of the best moments to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.
If you have vacant units, it is time to fill them.
If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is down to $50
average unit size is 617 square feet
Average Days on the market is 37 days
17 studios are No Fee, and 123 are Fee apartments
Month over month changes saw rents down 3.8%
And year over year rents are down 3.2%
Renters can currently expect to pay $100 more per month for no fee studio rentals, than those with fees.
1 bathrooms are currently renting for around $600 more per month than those with an extra half bath.
Having on-site laundry facilities in the building can increase rents by over $200 a month.
Units with private outdoor space, rent for around $400 more per month.
Units with elevators paid less than per month than walk-up units last month.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $300 per month to rents.
Tenants are now paying around $200 more per month in buildings which have a full-time lobby attendant. A substantial decrease from last month.
In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.
For 1 bedrooms...
Average price per foot is down to $41
The average unit size is up to 714 square feet
Average Days on the market is down to 43 days
Just 24 1 beds were No Fee, versus 224 Fee apartments
Month over month change rents are, up 0.2%
year over year rents are down 0.8%
No fee 1 bedrooms rented for $2 per square foot more than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $4 more per square foot
Units with NO private outdoor space are renting for almost $300 less per month
The difference in rents for elevator versus walk-up units is $5 per square foot
Units with gyms rented for $15 more per square foot last month.
Buildings with full time lobby attendants are renting for almost $400 more per month
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,186.
Average price per foot is $42
average unit size is 961 square feet
Average Days on the market is 45 days
Just 35, 2 bedroom apartments were No Fee rentals, versus 209 Fee rentals
Month over month rents are up 0.3%
But year over year they are up 4.6%
Units with an extra bath or half bath rented for $119 to $467 more month than 1 bath units
Having a laundry in the building can add $6 per month to the rent.
Those with private outdoor spaces rented for $2 more per square foot
A 2 bedroom with a gym in the building is getting $7 more per square foot
Those with full time lobby attendant are renting for over $600 more per month.
There is around a $400 premium for elevator versus walk-up apartments.
There is very little difference between 2 bedroom pet friendly units, or short or long term rentals.
For 3 bedroom apartments
the average price per foot is $41
The average unit size is 1,372 square foot
Average Days on the market sits at 47 days
Just 10, 3 bedroom rentals were No Fee, versus 93 rentals with Fee
Month over month rents are down almost 11%
year over year rents are UP 9%
No FEE apartments rented for $3 less per square foot than fee apartments last month.
Those with gyms rented for $18 more per square foot.
Having a laundry in the building can make a $9 difference per rent per square foot
Expect to get $8 more per month for units with private outdoor space
Elevator apartments rented for $13 more per square foot last month
Having a full time lobby attendant made a $12 per square foot difference, with total monthly rent over $3,300 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Certain features offer little benefit, but others are commanding even bigger premiums. Consider these adjustments when renovating buildings, or developing new ones, so that you are maximizing ROI at every level.
As we go through these seasonal changes, and look at how some property types are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though it appears many are being more realistic about the overall market and how competitive it is today, and are pricing that in to their asking prices.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Brooklyn Residential Rental Market Report | October 2017
Welcome to the newest New York Real Estate Market Update
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn is seeing a seasonal price correction continue. Rents are down an average of just over 1% since last month. The best performers still include Cobble Hill, and Bay Ridge.
Brooklyn Heights and Clinton Hill have moved up with strong performances.
DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being found in Bay Ridge.
DUMBO studio prices rose 8.7% in the last month, or an average of $253.
However, 1 and 2 bedroom apartment prices in DUMBO fell by almost as much.
Month over month, overall Brooklyn rents have fallen to an average of $2,751.80 per month. Still, price per square foot is up slightly, inventory is down, and days on market have dipped to just 39.
Year over year, Brooklyn rental prices may be softer, and there may be more concessions, but there are positive trends too.
Overall:
New leases are up by 13.6%
OP + Concessions are up 7.2%
Negotiability is now flat
Inventory levels are down 11.9%
And marketing time has dropped by 4 days
If you look at this trending data on the graph charts, landlords should note that this is likely to be the one of the best moments to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.
If you have vacant units, it is time to fill them.
If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is down to $52
average unit size is 623 square feet
Average Days on the market is 31 days
33 studios are No Fee, and 121 are Fee apartments
Month over month changes saw rents down 1.5%
And year over year rents are down 1.3%
Renters can currently expect to pay almost $543 more per month for no fee studio rentals, than those with fees.
1 bathrooms are currently renting for around $7 more per square foot than those with an extra half bath.
Having on-site laundry facilities in the building can increase rents by over $200 a month.
Units with private outdoor space, rent for around $300 more per month
Units with elevators are averaging around $230 more per month than walk-up units.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $500 per month to rents.
Tenants are now paying around $500 more per month in buildings which have a full-time lobby attendant. A substantial increase over last month.
In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.
For 1 bedrooms...
Average price per foot is up to $48
The average unit size is down to 695 square feet
Average Days on the market is up to 53
Just 37 1 beds were No Fee, versus 207 Fee apartments
Month over month change rents are, down 0.5%
year over year rents are down 2.1%
No fee 1 bedrooms rented for $1 per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $5 more per square foot
Units with NO private outdoor space actually rented for slightly more per last month too
The difference in rents for elevator versus walk-up units is $7 per square foot
Units with gyms rented for $5 more per square foot last month.
Buildings with full time lobby attendants are renting for $509 more per month
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,063.
Average price per foot is $38
average unit size is 1,031 square feet
Average Days on the market is 48 days
Just 9, 2 bedroom apartments for No Fee rentals, versus 240 Fee rentals
Month over month rents are down 1.3%
But year over year they are up 3%
Units with an extra bath or half bath rented for $600 to $900 more month than 1 bath units
Having a laundry in the building can add $10 per month to the rent.
Those with private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is getting $13 more per square foot
Those with full time doorman are renting for over $600 more per month.
There is around a $400 premium for elevator versus walk-up apartments.
There is very little difference between 2 bedroom fee or no fee apartments, pet friendly ones, or short or long term rentals.
For 3 bedroom apartments the average price per foot is $39
The average unit size is 1,254 square foot
Average Days on the market sits at 51 days
Just 12, 3 bedroom rentals were No Fee, versus 84 rentals with Fee
Month over month rents are UP 6.3%
year over year rents are UP 6.8%
No FEE apartments rented for $2 more per square foot than fee apartments last month.
Those with gyms rented for $11 more per square foot.
1.5 bath units actually rented for $7 per square foot less than 1 bath units last month! Though expect to get $9 to $17 more per square foot if you go all the way up to a 3 or 3.5 bath unit.
Having a laundry in the building can make a $5 difference per rent per square foot
Expect to get $3 more per month for units with private outdoor space
Elevator apartments rented for almost $5 more per square foot last month
Having a full time lobby attendant made almost a $11 per square foot difference, with total monthly rent almost over $1,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Certain features offer little benefit, but others are commanding even bigger premiums. Consider these adjustments when renovating buildings, or developing new ones, so that you are maximizing ROI at every level.
As we go through these seasonal changes, and look at how some property types are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though it appears many are being more realistic about the overall market and how competitive it is today, and are pricing that in to their asking prices.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, Brooklyn is seeing a seasonal price correction continue. Rents are down an average of just over 1% since last month. The best performers still include Cobble Hill, and Bay Ridge.
Brooklyn Heights and Clinton Hill have moved up with strong performances.
DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.
The most affordable rental apartments are being found in Bay Ridge.
DUMBO studio prices rose 8.7% in the last month, or an average of $253.
However, 1 and 2 bedroom apartment prices in DUMBO fell by almost as much.
Month over month, overall Brooklyn rents have fallen to an average of $2,751.80 per month. Still, price per square foot is up slightly, inventory is down, and days on market have dipped to just 39.
Year over year, Brooklyn rental prices may be softer, and there may be more concessions, but there are positive trends too.
Overall:
New leases are up by 13.6%
OP + Concessions are up 7.2%
Negotiability is now flat
Inventory levels are down 11.9%
And marketing time has dropped by 4 days
If you look at this trending data on the graph charts, landlords should note that this is likely to be the one of the best moments to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.
If you have vacant units, it is time to fill them.
If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot is down to $52
average unit size is 623 square feet
Average Days on the market is 31 days
33 studios are No Fee, and 121 are Fee apartments
Month over month changes saw rents down 1.5%
And year over year rents are down 1.3%
Renters can currently expect to pay almost $543 more per month for no fee studio rentals, than those with fees.
1 bathrooms are currently renting for around $7 more per square foot than those with an extra half bath.
Having on-site laundry facilities in the building can increase rents by over $200 a month.
Units with private outdoor space, rent for around $300 more per month
Units with elevators are averaging around $230 more per month than walk-up units.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $500 per month to rents.
Tenants are now paying around $500 more per month in buildings which have a full-time lobby attendant. A substantial increase over last month.
In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.
For 1 bedrooms...
Average price per foot is up to $48
The average unit size is down to 695 square feet
Average Days on the market is up to 53
Just 37 1 beds were No Fee, versus 207 Fee apartments
Month over month change rents are, down 0.5%
year over year rents are down 2.1%
No fee 1 bedrooms rented for $1 per square foot than fee apartments last month.
Having a laundry in the building saw 1 beds renting for $5 more per square foot
Units with NO private outdoor space actually rented for slightly more per last month too
The difference in rents for elevator versus walk-up units is $7 per square foot
Units with gyms rented for $5 more per square foot last month.
Buildings with full time lobby attendants are renting for $509 more per month
Now on to 2 bedroom rentals…
The average 2 bedroom apartment in Brooklyn now rents for $3,063.
Average price per foot is $38
average unit size is 1,031 square feet
Average Days on the market is 48 days
Just 9, 2 bedroom apartments for No Fee rentals, versus 240 Fee rentals
Month over month rents are down 1.3%
But year over year they are up 3%
Units with an extra bath or half bath rented for $600 to $900 more month than 1 bath units
Having a laundry in the building can add $10 per month to the rent.
Those with private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is getting $13 more per square foot
Those with full time doorman are renting for over $600 more per month.
There is around a $400 premium for elevator versus walk-up apartments.
There is very little difference between 2 bedroom fee or no fee apartments, pet friendly ones, or short or long term rentals.
For 3 bedroom apartments the average price per foot is $39
The average unit size is 1,254 square foot
Average Days on the market sits at 51 days
Just 12, 3 bedroom rentals were No Fee, versus 84 rentals with Fee
Month over month rents are UP 6.3%
year over year rents are UP 6.8%
No FEE apartments rented for $2 more per square foot than fee apartments last month.
Those with gyms rented for $11 more per square foot.
1.5 bath units actually rented for $7 per square foot less than 1 bath units last month! Though expect to get $9 to $17 more per square foot if you go all the way up to a 3 or 3.5 bath unit.
Having a laundry in the building can make a $5 difference per rent per square foot
Expect to get $3 more per month for units with private outdoor space
Elevator apartments rented for almost $5 more per square foot last month
Having a full time lobby attendant made almost a $11 per square foot difference, with total monthly rent almost over $1,000 more for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that there is a notable seasonal correction in play. Certain features offer little benefit, but others are commanding even bigger premiums. Consider these adjustments when renovating buildings, or developing new ones, so that you are maximizing ROI at every level.
As we go through these seasonal changes, and look at how some property types are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though it appears many are being more realistic about the overall market and how competitive it is today, and are pricing that in to their asking prices.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Brooklyn Residential Rental Market Report - September 2017
Welcome to the Brooklyn Residential Rental Market Report for the month of September.
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, there were price increases in over half of Brooklyn’s neighborhoods. The hottest have been Cobble Hill, Bay Ridge, Boerum Hill, and Williamsburg. Rents in Cobble Hill are up 7.3%. Though DUMBO holds the title for most expensive studios and 1 bedroom apartments in Brooklyn. The most affordable rental apartments are being found in Bay Ridge.
Most notable of all is the 14.5% spike in Boerum Hill studio
rental prices. That’s adding about $309 per month to leases.
Month over month, overall Brooklyn rents have risen 0.77%, to an average of $2,819 per month. Studio rental prices rose the most, gaining 3%, to $2,287 per month.
However, new leases fell almost 28%, and days on market rose 2.5%, even though inventory fell 2.4%
Year over year, Brooklyn has actually seen rental rates decrease 5.1%
The strongest performer since last summer has been Greenpoint, with a 4.8% increase in rents.
However, overall:
New leases are down 4.1%
OP + Concessions are up 11.4%
Negotiability has risen a modest 0.5%
Though inventory levels are down 1.4%
And marketing time has dropped by 2 days
If you look at this trending data on the graph charts, landlords should note that this is likely to be the best moment to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.
If you have vacant units, this is definitely time to fill them.
If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot stands at $54
average unit size is 703 square feet
Average Days on the market was 43 days
27 studios are No Fee, and 146 are Fee apartments
Month over month changes saw rents up 0.9% to $2,526
And year over year rents are up 6.5%
Renters can expect to pay almost $700 more per month for no fee studio rentals, than those with fees.
1 bathrooms are currently renting for around $8 more per square foot than those with an extra half bath.
Having on-site laundry facilities in the building can increase rents by over $200 a month.
Units with private outdoor space, rent for around $183 more per month
Units with elevators are averaging around $411 more per month than walk-up units.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $346 per month to rents.
Tenants pay around $300 more per month in buildings which have a full time doorman.
For 1 bedrooms...
Average price per foot is $43
The average unit size is 726 square feet
Average Days on the market stands at 41
Just 20 1 beds were No Fee, versus 226 Fee apartments
Month over month change rents are, down 3.6%
year over year rents are down 1.8%
No fee 1 bedrooms rented for the same price square foot as others last month.
Renters should expect to pay dramatically more for units with 2 bathrooms. Or even an extra half bath.
Having a laundry in the building saw 1 beds renting for $5 more per square foot
Units with NO private outdoor space actually rented for an average of $5 more per last month too
The difference in rents for elevator versus walk-up units is over $400 per month
Units with gyms rented for $2 more per square foot last month.
Buildings with full time lobby attendants rented for $8 more per square foot
Now on to 2 bedroom rentals…
The average 2 bedroom, 1 bath apartment in Brooklyn now rents for $3,102.
Average price per foot is $40
average unit size is 963 square feet
Average Days on the market is 44 days
Just 9, 2 bedroom apartments for No Fee rentals, versus 240 Fee rentals
Month over month rents are down 1.6%
But year over year they are up 0.4%
Units with an extra bath or half bath rented for $8 more per square foot
Having a laundry in the building can add $6 per month to the rent.
Those with private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is getting $10 more per square foot, or about an extra $500 per month, as are those with pools, and garages.
Those with full time doorman are renting for over $1,000 more per month.
The same goes for elevator versus walk-up apartments.
There is very little difference between 2 bedroom fee or no fee apartments, pet friendly ones, or short or long term rentals.
For 3 bedroom apartments the average price per foot is $37
The average unit size is 1,335 square foot
Average Days on the market sits at 53 days
Just 9, 3 bedroom rentals were No Fee, versus 141 rentals with Fee
Month over month rents are down 0.1%
year over year rents are down 2.9%
No FEE apartments rented for $8 more last month, as did those with gyms.
1.5 bath units actually rented for $7 per square foot less than 1 bath units last month! Though expect to get $9 to $17 more per square foot if you go all the way up to a 3 or 3.5 bath unit.
Having a laundry in the building can make a $10 difference per rent per square foot
Expect to get $5 more per month for units with private outdoor space
Elevator apartments rented for almost $10 more per square foot last month
Having a full time lobby attendant made almost a $20 per square foot difference, with total monthly rent almost double for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that some trends are significantly changing. Some amenities no longer carry the attraction they used to. Specifically, what generates extra income for studio apartments can be very different than what helps to create greater spreads in 1, 2, or 3 bedroom apartments. Some may consider making these adjustments when renovating buildings, or developing new ones, so that they are maximizing ROI at every level.
As we go through upcoming seasonal changes, and look at how some Brooklyn neighborhoods are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though many need to be realistic about the overall market and how competitive it is today.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.
So, what’s new in New York Real Estate? Let’s take a look at the numbers…
Month over month, there were price increases in over half of Brooklyn’s neighborhoods. The hottest have been Cobble Hill, Bay Ridge, Boerum Hill, and Williamsburg. Rents in Cobble Hill are up 7.3%. Though DUMBO holds the title for most expensive studios and 1 bedroom apartments in Brooklyn. The most affordable rental apartments are being found in Bay Ridge.
Most notable of all is the 14.5% spike in Boerum Hill studio
rental prices. That’s adding about $309 per month to leases.
Month over month, overall Brooklyn rents have risen 0.77%, to an average of $2,819 per month. Studio rental prices rose the most, gaining 3%, to $2,287 per month.
However, new leases fell almost 28%, and days on market rose 2.5%, even though inventory fell 2.4%
Year over year, Brooklyn has actually seen rental rates decrease 5.1%
The strongest performer since last summer has been Greenpoint, with a 4.8% increase in rents.
However, overall:
New leases are down 4.1%
OP + Concessions are up 11.4%
Negotiability has risen a modest 0.5%
Though inventory levels are down 1.4%
And marketing time has dropped by 2 days
If you look at this trending data on the graph charts, landlords should note that this is likely to be the best moment to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.
If you have vacant units, this is definitely time to fill them.
If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.
Now let’s take a look at rentals by unit type:
For studios
Average price per foot stands at $54
average unit size is 703 square feet
Average Days on the market was 43 days
27 studios are No Fee, and 146 are Fee apartments
Month over month changes saw rents up 0.9% to $2,526
And year over year rents are up 6.5%
Renters can expect to pay almost $700 more per month for no fee studio rentals, than those with fees.
1 bathrooms are currently renting for around $8 more per square foot than those with an extra half bath.
Having on-site laundry facilities in the building can increase rents by over $200 a month.
Units with private outdoor space, rent for around $183 more per month
Units with elevators are averaging around $411 more per month than walk-up units.
Gyms are still one of the top amenities tenants are looking for. They can add an average of $346 per month to rents.
Tenants pay around $300 more per month in buildings which have a full time doorman.
For 1 bedrooms...
Average price per foot is $43
The average unit size is 726 square feet
Average Days on the market stands at 41
Just 20 1 beds were No Fee, versus 226 Fee apartments
Month over month change rents are, down 3.6%
year over year rents are down 1.8%
No fee 1 bedrooms rented for the same price square foot as others last month.
Renters should expect to pay dramatically more for units with 2 bathrooms. Or even an extra half bath.
Having a laundry in the building saw 1 beds renting for $5 more per square foot
Units with NO private outdoor space actually rented for an average of $5 more per last month too
The difference in rents for elevator versus walk-up units is over $400 per month
Units with gyms rented for $2 more per square foot last month.
Buildings with full time lobby attendants rented for $8 more per square foot
Now on to 2 bedroom rentals…
The average 2 bedroom, 1 bath apartment in Brooklyn now rents for $3,102.
Average price per foot is $40
average unit size is 963 square feet
Average Days on the market is 44 days
Just 9, 2 bedroom apartments for No Fee rentals, versus 240 Fee rentals
Month over month rents are down 1.6%
But year over year they are up 0.4%
Units with an extra bath or half bath rented for $8 more per square foot
Having a laundry in the building can add $6 per month to the rent.
Those with private outdoor spaces rented for $3 more per square foot
A 2 bedroom with a gym in the building is getting $10 more per square foot, or about an extra $500 per month, as are those with pools, and garages.
Those with full time doorman are renting for over $1,000 more per month.
The same goes for elevator versus walk-up apartments.
There is very little difference between 2 bedroom fee or no fee apartments, pet friendly ones, or short or long term rentals.
For 3 bedroom apartments the average price per foot is $37
The average unit size is 1,335 square foot
Average Days on the market sits at 53 days
Just 9, 3 bedroom rentals were No Fee, versus 141 rentals with Fee
Month over month rents are down 0.1%
year over year rents are down 2.9%
No FEE apartments rented for $8 more last month, as did those with gyms.
1.5 bath units actually rented for $7 per square foot less than 1 bath units last month! Though expect to get $9 to $17 more per square foot if you go all the way up to a 3 or 3.5 bath unit.
Having a laundry in the building can make a $10 difference per rent per square foot
Expect to get $5 more per month for units with private outdoor space
Elevator apartments rented for almost $10 more per square foot last month
Having a full time lobby attendant made almost a $20 per square foot difference, with total monthly rent almost double for 3 bedroom units in these buildings
In summary…
What the break down in this data shows Brooklyn landlords, is that some trends are significantly changing. Some amenities no longer carry the attraction they used to. Specifically, what generates extra income for studio apartments can be very different than what helps to create greater spreads in 1, 2, or 3 bedroom apartments. Some may consider making these adjustments when renovating buildings, or developing new ones, so that they are maximizing ROI at every level.
As we go through upcoming seasonal changes, and look at how some Brooklyn neighborhoods are accelerating, while others have cooled off, some investors may find this the opportune moment to restructure portfolios to capitalize on the best yields and growth ahead. Though many need to be realistic about the overall market and how competitive it is today.
Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.
Well, that’s this month’s NY rental market update.
Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…
Thanks for tuning in!
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
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We’re full time professionals and always here to help!
Brooklyn Residential Sales Market Report Q2 2017
Welcome to the Brooklyn Residential Sales Real Estate Market Report for the second quarter of 2017.
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Brooklyn edition: the sprawling, trendy borough which plays host to bourgeoning hipsters and decades-rooted residents alike, but still retains its old-New York charm. We’ll follow the rule of averages and give you those first, but keep listening for the record-high sales this quarter.
Residential prices in Brooklyn increased 13 percent over last year’s reports, with a median sale price of $720,000 in this ever-growing borough. The average price per square foot? $671 dollars – up 12 percent from last year. This year alone, we saw an astonishing number of 957 total transactions. That’s up, again, 13 percent from last year, and demonstrates how relentless this market growth truly is.
On to condos: the average New Development Condo this year sold for a colossal $1,401,298. Consider this: in 2016, the average sale price was just under one billion at $917,619. That means in 2017 alone, we’ve seen an increase of 52 percent. However, data also shows us that the average market time for these properties has increased considerably: last year, it took an average of 79 days to sell a new development condominium property, versus 116 days in 2017. Just over a month longer to sell for 50% more? You do the math.
Existing condo sales prices have also risen, if not with quite the same veracity. The average condo sales price in the second quarter of 2017 was $1,161,431, versus $953,456 last year. While not as big as the spike for new developments, that’s still a 21.8 percent growth. Average market pace for these properties also increased, though less dramatically: 98 days this year, versus 71 days in 2016.
Co-op sales prices rose predictably this quarter, with an average price of $584,529. Compared to $507,315 same time last year, that’s a 15.2% increase, which is notable but not unordinary. What makes this market unique is that the selling time has actually decreased: co-ops sat on the market for only 108 days, as opposed to last year’s number of 122 days in the same quarter – that’s an average of 15 fewer days.
Single and multi-family homes performed similarly, with an average increase and a decrease in market time. This quarter, the average 1-3 family home sale price was 1,046,440, up 8.4 percent from $871,977 last year. Houses also sold in 14 fewer days, however; properties, on average, were only on the market for 108 days, versus 122 days last year.
Across the board, the average recorded price discount was 1.8 percent.
Now, to Brooklyn’s top residential sales:
The top single-family sale in Brooklyn this August was, of course, a residence in the Brooklyn Heights neighborhood. The selling price of 31 Garden Place was an incredible $8,350,000 – about $1758 per square foot.
The top condo sale was found in Dumbo, selling for $6,083,006, or $2284 per square foot.
We’ll go back to Brooklyn Heights for the top co-op sale this quarter at $2,995,000.
However, if you’re looking for a bargain, head to Coney Island. This least-expensive residential area in Brooklyn had a median price-per-foot of $421 this quarter. Condo prices in Coney Island averaged $665,000; co-op prices averaged $412,000, and single-family homes averaged at just $535,000. As far as Brooklyn is concerned, that’s a steal.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Brooklyn edition: the sprawling, trendy borough which plays host to bourgeoning hipsters and decades-rooted residents alike, but still retains its old-New York charm. We’ll follow the rule of averages and give you those first, but keep listening for the record-high sales this quarter.
Residential prices in Brooklyn increased 13 percent over last year’s reports, with a median sale price of $720,000 in this ever-growing borough. The average price per square foot? $671 dollars – up 12 percent from last year. This year alone, we saw an astonishing number of 957 total transactions. That’s up, again, 13 percent from last year, and demonstrates how relentless this market growth truly is.
On to condos: the average New Development Condo this year sold for a colossal $1,401,298. Consider this: in 2016, the average sale price was just under one billion at $917,619. That means in 2017 alone, we’ve seen an increase of 52 percent. However, data also shows us that the average market time for these properties has increased considerably: last year, it took an average of 79 days to sell a new development condominium property, versus 116 days in 2017. Just over a month longer to sell for 50% more? You do the math.
Existing condo sales prices have also risen, if not with quite the same veracity. The average condo sales price in the second quarter of 2017 was $1,161,431, versus $953,456 last year. While not as big as the spike for new developments, that’s still a 21.8 percent growth. Average market pace for these properties also increased, though less dramatically: 98 days this year, versus 71 days in 2016.
Co-op sales prices rose predictably this quarter, with an average price of $584,529. Compared to $507,315 same time last year, that’s a 15.2% increase, which is notable but not unordinary. What makes this market unique is that the selling time has actually decreased: co-ops sat on the market for only 108 days, as opposed to last year’s number of 122 days in the same quarter – that’s an average of 15 fewer days.
Single and multi-family homes performed similarly, with an average increase and a decrease in market time. This quarter, the average 1-3 family home sale price was 1,046,440, up 8.4 percent from $871,977 last year. Houses also sold in 14 fewer days, however; properties, on average, were only on the market for 108 days, versus 122 days last year.
Across the board, the average recorded price discount was 1.8 percent.
Now, to Brooklyn’s top residential sales:
The top single-family sale in Brooklyn this August was, of course, a residence in the Brooklyn Heights neighborhood. The selling price of 31 Garden Place was an incredible $8,350,000 – about $1758 per square foot.
The top condo sale was found in Dumbo, selling for $6,083,006, or $2284 per square foot.
We’ll go back to Brooklyn Heights for the top co-op sale this quarter at $2,995,000.
However, if you’re looking for a bargain, head to Coney Island. This least-expensive residential area in Brooklyn had a median price-per-foot of $421 this quarter. Condo prices in Coney Island averaged $665,000; co-op prices averaged $412,000, and single-family homes averaged at just $535,000. As far as Brooklyn is concerned, that’s a steal.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Manhattan Residential Sales Market Report Q2 2017
Welcome to the Manhattan Residential Sales Real Estate Market Report for the second quarter of 2017.
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Manhattan edition. An island all its own, this borough boasts one of the most recognizable skylines on earth and is an epicenter of business, economics and arts. As usual, we’ll start with averages, but keep listening for this quarter’s record high sales.
In residential Manhattan, sales prices increased an average of 15 percent over last year’s August data, with an average selling price of $1,120,000. However, the average price per square foot actually dropped a single percentage point, down to $1,288. This means that, while residential sales are increasingly more expensive, the amount of floor space purchased is also growing. In total, there were 1,547 residential transactions recorded this quarter – an increase of 19 percent over August 2016 – and that’s an increase that we expect will only continue to rise in the future. Manhattan real estate is a ravenous industry.
New Development Condo sales prices are also increasing, but at a less dramatic rate: the average sale price this second quarter was $4,702,544, up just 7.3 percent from last year’s August numbers. And while prices are rising, so is the average length of time a development sits on the market. Selling times increased about 25 percent to around 245 days, versus 196 days last year.
Existing condominium sales are performing better that Manhattan’s new developments. This quarter, we saw a 13.2 percent increase over last year’s numbers, from $2,758,468 to an average sale price of $3,122,946. These condos are sitting on the market a little longer as well, an average of 135 days as opposed to last year’s 107 days. That’s a 26.2 percent increase in selling time, but if you’re selling, the increased sales prices make this market well worth the potential wait.
Co-op sales had perhaps the least exciting quarter, with an average sales price of $1363,916, just 4.8 percent higher than this time last year. Market time increased fractionally as well, from 75 days to 86 days; overall, the co-op market is holding as relatively firm as anything does in New York’s world of real estate.
Luxury property sales of course hold the highest numbers this quarter, if not the highest percentage change. The average Luxury sales price was $9,280,290, which shows a 7.6 percent increase from last August. These properties may be extremely lucrative, but they also require the most patience: selling a luxury property took an average of 70 more days this quarter than this time last year, around 239 days.
Across the board, the average recorded price discount was 3.9 percent.
Now, on to the exciting top sales numbers for Aug 2017:
The illustrious Carnegie Hill neighborhood boasts Manhattan’s top single family residential sale for August. 8 E 93rd Street sold for $8,900,000, coming out to about $1977 per square foot for the decadent 19th-century house.
In Central Midtown, the record condo sale for this quarter goes to a unit in 432 Park Ave that sold for an almost inconceivable $37,745,776. This recently-constructed masterpiece is the tallest residential building in Manhattan, and this condo on its 81st floor sold for $6,963 per square foot. It’s a fortune, but imagine those stunning panoramic views.
This August’s top co-op sale was also found in Carnegie Hill, with a selling price of 23,500,000 for some prime Upper East Side real estate.
And, for all the bargain hunters out there, Inwood is currently the least expensive residential area in Manhattan, demanding a median price per foot of only $541. The average condo sold for $350,000, with an average co-op only slightly higher at $380,000.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Manhattan edition. An island all its own, this borough boasts one of the most recognizable skylines on earth and is an epicenter of business, economics and arts. As usual, we’ll start with averages, but keep listening for this quarter’s record high sales.
In residential Manhattan, sales prices increased an average of 15 percent over last year’s August data, with an average selling price of $1,120,000. However, the average price per square foot actually dropped a single percentage point, down to $1,288. This means that, while residential sales are increasingly more expensive, the amount of floor space purchased is also growing. In total, there were 1,547 residential transactions recorded this quarter – an increase of 19 percent over August 2016 – and that’s an increase that we expect will only continue to rise in the future. Manhattan real estate is a ravenous industry.
New Development Condo sales prices are also increasing, but at a less dramatic rate: the average sale price this second quarter was $4,702,544, up just 7.3 percent from last year’s August numbers. And while prices are rising, so is the average length of time a development sits on the market. Selling times increased about 25 percent to around 245 days, versus 196 days last year.
Existing condominium sales are performing better that Manhattan’s new developments. This quarter, we saw a 13.2 percent increase over last year’s numbers, from $2,758,468 to an average sale price of $3,122,946. These condos are sitting on the market a little longer as well, an average of 135 days as opposed to last year’s 107 days. That’s a 26.2 percent increase in selling time, but if you’re selling, the increased sales prices make this market well worth the potential wait.
Co-op sales had perhaps the least exciting quarter, with an average sales price of $1363,916, just 4.8 percent higher than this time last year. Market time increased fractionally as well, from 75 days to 86 days; overall, the co-op market is holding as relatively firm as anything does in New York’s world of real estate.
Luxury property sales of course hold the highest numbers this quarter, if not the highest percentage change. The average Luxury sales price was $9,280,290, which shows a 7.6 percent increase from last August. These properties may be extremely lucrative, but they also require the most patience: selling a luxury property took an average of 70 more days this quarter than this time last year, around 239 days.
Across the board, the average recorded price discount was 3.9 percent.
Now, on to the exciting top sales numbers for Aug 2017:
The illustrious Carnegie Hill neighborhood boasts Manhattan’s top single family residential sale for August. 8 E 93rd Street sold for $8,900,000, coming out to about $1977 per square foot for the decadent 19th-century house.
In Central Midtown, the record condo sale for this quarter goes to a unit in 432 Park Ave that sold for an almost inconceivable $37,745,776. This recently-constructed masterpiece is the tallest residential building in Manhattan, and this condo on its 81st floor sold for $6,963 per square foot. It’s a fortune, but imagine those stunning panoramic views.
This August’s top co-op sale was also found in Carnegie Hill, with a selling price of 23,500,000 for some prime Upper East Side real estate.
And, for all the bargain hunters out there, Inwood is currently the least expensive residential area in Manhattan, demanding a median price per foot of only $541. The average condo sold for $350,000, with an average co-op only slightly higher at $380,000.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Brooklyn Multi-Family Sales Market Report Q2 2017
Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the second quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Brooklyn multifamily episode. A significant part of this huge borough is dedicated to multifamily apartment complexes, and Brooklyn’s vibrant residential reputation is well-known.
While not as drastic as Manhattan, Brooklyn’s Multifamily market also declined significantly from last year’s reports. Sales volume this quarter totaled $995 million, a stark 37 percent decline from 2016. Square-footage pricing did increase to $352 dollars on average, up just 12 percent from last quarter. The average selling price per unit across Brooklyn was $322,000, which is a 9% increase from this time last year. The total number of 474 transactions in the second quarter is down 22 percent from last year.
While the overall Multifamily market is trending lower than in the past, Brooklyn top sales still don’t disappoint. In 2017’s second quarter, our top sale was a block of units in the Sunset Park neighborhood of 5301 – 5311 6th Ave, selling for $45,839,605. Part of an affordable housing agreement, the early 20th-century block came with a price tag of $271 per square foot.
That price, however, won’t buy you many square feet in the most opulent neighborhoods of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:
Fort Greene, with its namesake park and prime positioning in the heart of downtown, tops off the list at an average of $998 per square foot. Cobble Hill comes in second at $845, with Carroll Gardens a close third at $828. Park Slope listed at $803 per square foot, Brooklyn Heights at $757, Gowanus at $750, Greenwood Heights at $614, Greenpoint at $562, Prospect Heights at $526 and, tenth but certainly not least, the Clinton Hill area averaged in at $469 per square foot.
Of all the neighborhoods, Bed-Stuy had the highest volume of Multifamily sales this quarter at 59, with East New York following up with 49 sales. If you’re hunting for a deal, East Flatbush’s average price per square foot this quarter was a mere $204.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
This is our Brooklyn multifamily episode. A significant part of this huge borough is dedicated to multifamily apartment complexes, and Brooklyn’s vibrant residential reputation is well-known.
While not as drastic as Manhattan, Brooklyn’s Multifamily market also declined significantly from last year’s reports. Sales volume this quarter totaled $995 million, a stark 37 percent decline from 2016. Square-footage pricing did increase to $352 dollars on average, up just 12 percent from last quarter. The average selling price per unit across Brooklyn was $322,000, which is a 9% increase from this time last year. The total number of 474 transactions in the second quarter is down 22 percent from last year.
While the overall Multifamily market is trending lower than in the past, Brooklyn top sales still don’t disappoint. In 2017’s second quarter, our top sale was a block of units in the Sunset Park neighborhood of 5301 – 5311 6th Ave, selling for $45,839,605. Part of an affordable housing agreement, the early 20th-century block came with a price tag of $271 per square foot.
That price, however, won’t buy you many square feet in the most opulent neighborhoods of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:
Fort Greene, with its namesake park and prime positioning in the heart of downtown, tops off the list at an average of $998 per square foot. Cobble Hill comes in second at $845, with Carroll Gardens a close third at $828. Park Slope listed at $803 per square foot, Brooklyn Heights at $757, Gowanus at $750, Greenwood Heights at $614, Greenpoint at $562, Prospect Heights at $526 and, tenth but certainly not least, the Clinton Hill area averaged in at $469 per square foot.
Of all the neighborhoods, Bed-Stuy had the highest volume of Multifamily sales this quarter at 59, with East New York following up with 49 sales. If you’re hunting for a deal, East Flatbush’s average price per square foot this quarter was a mere $204.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Manhattan Multi-Family Sales Market Report Q2 2017
Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the second quarter of 2017.
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Manhattan multifamily episode. While New York plays host to many styles of historic homes, the multifamily apartment complexes are doubtlessly one of the most iconic and highly-prized.
The Multifamily market is one of the few that’s actually on a relative decline in New York City, and this quarter’s data in Manhattan reflects the downward trend. Sales volume this quarter totaled $982.7 million, which is a startling 55 percent decline over last year’s report. Square-footage pricing increased minimally, settling around $584 dollars on average which is just up 5 percent from last quarter. The average selling price across the island was $477,000 – the same as this time last year – and altogether, we saw 106 total transactions in the second quarter, which is down 32 percent from last year.
However, while the overall market is trending low, the top sales for Manhattan still sit in familiar sky-high territory. Our top sale in the second quarter of 2017 was a block of units in the Manhattan Valley neighborhood of West 107th St, selling for $38,250,000. Built in 1940, these six-story units have an enviable location just off Central Park West, hence the price tag of $507 per square foot.
That price, though, doesn’t come close to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:
Gramercy Park, with its groomed neighborhoods and affluent cafes, tops off the list at an average of $2,160 per square foot. Greenwich Village comes in second at $1,275, with Yorkville a close third at $1,214. Carnegie Hill listed at $1,031 per square foot, West Village at $974, Hell’s Kitchen at $967, Lenox Hill at $962, Upper West Side at $954, Tribeca at $852 and, tenth but certainly not least, the Lower East Side area averaged in at $831 per square foot.
Of all the neighborhoods, Harlem had the highest volume of Multifamily sales this quarter at 25, with East Harlem following up with 13 sales. If you’re hunting for a deal, East Harlem’s average price per square foot this quarter was a mere $181. As one of Manhattan’s most rapidly growing neighborhoods, this area is certainly worth watching.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.
You can also find us on Facebook, Instagram & YouTube.
Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?
Email Us at Contact@TheRatnerTeam.com.
We’re full time professionals and always here to help!
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Manhattan multifamily episode. While New York plays host to many styles of historic homes, the multifamily apartment complexes are doubtlessly one of the most iconic and highly-prized.
The Multifamily market is one of the few that’s actually on a relative decline in New York City, and this quarter’s data in Manhattan reflects the downward trend. Sales volume this quarter totaled $982.7 million, which is a startling 55 percent decline over last year’s report. Square-footage pricing increased minimally, settling around $584 dollars on average which is just up 5 percent from last quarter. The average selling price across the island was $477,000 – the same as this time last year – and altogether, we saw 106 total transactions in the second quarter, which is down 32 percent from last year.
However, while the overall market is trending low, the top sales for Manhattan still sit in familiar sky-high territory. Our top sale in the second quarter of 2017 was a block of units in the Manhattan Valley neighborhood of West 107th St, selling for $38,250,000. Built in 1940, these six-story units have an enviable location just off Central Park West, hence the price tag of $507 per square foot.
That price, though, doesn’t come close to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:
Gramercy Park, with its groomed neighborhoods and affluent cafes, tops off the list at an average of $2,160 per square foot. Greenwich Village comes in second at $1,275, with Yorkville a close third at $1,214. Carnegie Hill listed at $1,031 per square foot, West Village at $974, Hell’s Kitchen at $967, Lenox Hill at $962, Upper West Side at $954, Tribeca at $852 and, tenth but certainly not least, the Lower East Side area averaged in at $831 per square foot.
Of all the neighborhoods, Harlem had the highest volume of Multifamily sales this quarter at 25, with East Harlem following up with 13 sales. If you’re hunting for a deal, East Harlem’s average price per square foot this quarter was a mere $181. As one of Manhattan’s most rapidly growing neighborhoods, this area is certainly worth watching.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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