Rental prices in the Manhattan market continued to slip for the 5th consecutive month although the declines remained modest. Landlords continued to expand their use of concessions, as vacancy rates remained higher than last year. Larger sized rentals continued to do well in the new development, luxury and 3-bedroom markets, showing more strength than the overall market. The New York City economy continues to improve and we anticipate a strong rental market in the coming months.
Rising rents continued to characterize the Brooklyn market in our first month of the new year. After three months of declining price growth, rental prices jumped in January as the key drivers of the market remained in place, including rising employment and tight credit. Entry-level rentals continued to rise at a faster rate than larger rentals. We anticipate that these active market conditions will continue into the spring.
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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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