Douglas Elliman has released its rental report for the final month of 2016, showing that the rental market did not end the year with a bang. “There’s stress in both Manhattan and Brooklyn rentals,” says Jonathan Miller, the man behind the numbers.
December marked a record amount of leases signed with concessions, 26.4 percent. That’s double the amount from the same time last year, which saw 13.1 percent of leases with concessions. Despite all that, the median rent in Manhattan is still higher than it was last year: $3,388/month as compared to $3,350. (The December median changes to $3,291 when you factor in concessions.) The median price for a studio was $2,575/month, a one bedroom came in at $3,395, a two bedroom at $4,588 and a t... Read More