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July - 2013 Manhattan And Brooklyn Rentals

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Report Summary

Manhattan rents have been pressing upward for two years now without a break, but the rate of growth has been slowing. There were less new rentals than a year ago as landlords and tenants were more likely to agree on a lease renewal. Marketing time and negotiability remained low. Improving economic conditions and tight credit are expected to keep rental prices elevated.

Brooklyn continues to show a faster pace of rising rents than Manhattan. Demand from those priced out of Manhattan and would-be buyers who don't qualify for purchases with today's tight lending standards have tipped the balance toward rising prices. Marketing times remain fast and negotiability has fallen sharply. Like Manhattan, we expect more of the same conditions in the coming months.

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