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Reports And Guides

April - 2015 Manhattan, Brooklyn and Queens Rentals

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Report Summary

Manhattan rents have increased for fourteen consecutive months, driven by an improving economy and tight mortgage lending conditions. Rents were higher for all sizes, but the largest increases were seen in entry-level apartments. Landlords are rarely offering concessions and both days on market and listing discounts remained low. These trends are expected to continue into the summer.

After showing signs of leveling off in recent months, Brooklyn rents rose to a new record in April. Rents were higher across most of the market including studio, 1-bedroom and 2-bedroom apartments, while weaker at the top of the market. Use of concessions by landlords and negotiability was limited. Tight conditions are anticipated to continue through the coming months. 

Rents rose across all apartment sizes in the northwest Queens. There were a lot more 1-bedroom rentals than last year, attracting renters from Manhattan and Brooklyn seeking greater affordability. More newly developed apartments continued to enter the market.

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All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

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