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Reports And Guides

August - 2014 Manhattan, Brooklyn and Queens Rentals

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Report Summary

The Manhattan rental market remained tight with declining vacancy, shorter marketing times and limited use of landlord concessions. Rental prices edged higher for the sixth consecutive month but results were mixed across all apartment sizes.  Luxury and upper tier apartment prices rose faster than the remainder of the market. An improving economy, tight credit and limited sales inventory continued to keep the pressure on the rental market. We expect similar conditions over the fall rental season.

Although Brooklyn's 14-month streak of rising rental prices was broken in August, the market remains unusually challenging for renters. Rent gains persisted for studio and 1-bedroom apartments as rents declined for larger apartments. Landlord concessions remained rare while the discount from Manhattan rental prices remained low. We anticipate similar conditions to remain in place over the coming months.

Every size category from studios to 3-bedroom apartments in Queens had higher rents than last year. Overall rents declined due to more studio activity and a large increase in 1-bedroom rents. New development activity continued to account for a large part of the market. We expect Queens to continue to benefit from strong demand over the coming months, as tenants in other boroughs seek out affordability.

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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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