Douglas Elliman Real Estate just released the “Elliman Report: Manhattan & Brooklyn Rentals April 2013,” the leading resource on the state of the Manhattan and Brooklyn rental markets. As always, our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.

Year to date, Manhattan rents continued to rise at the same brisk pace as last year. The gains in rental prices have been consistent across all apartment sizes compared to a year ago. Landlord concessions were used sparingly and the vacancy rate remained below long-term averages. The continuing strength of the rental market has been somewhat surprising since the Manhattan sales market has also seen rising prices and sales volume. Tight credit conditions and an improving regional economy continue to keep pressure on the demand for rental housing.

After several months of rapid gains, Brooklyn rental price increases slowed in the month of April. However, the rapid pace of the market continued with brisk listing periods and the lowest listing discount seen in the new year. Competition from a robust sales market along with low mortgage rates are keeping increases in check. We anticipate similar conditions over the coming months.

We constantly look for ways to provide our clients with better information to enable them to make more informed decisions. Our efforts to make this market report series possible reflect my strong belief that in a market that is constantly changing, access to timely information is one of the greatest resources we can offer our clients. We are committed to providing the best information and services in the industry. Explore our full market report series covering Manhattan, Brooklyn, Queens, Long Island, The Hamptons, North Fork, Westchester/Putnam, Miami, Boca Raton, Fort Lauderdale and Palm Beach at http://www.elliman.com/marketreports.

Douglas Elliman releases Manhattan-Brooklyn Rental Report | Bedford Realtor.