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Reports And Guides

July - 2014 Manhattan, Brooklyn and Queens Rentals

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Report Summary

Manhattan rental prices increased for the fifth consecutive month and reached their highest level for the month of July in six years. The use of concessions by landlords remained scarce and the vacancy rate fell to a six year low. Smaller apartments had larger price increases than larger apartments. Tight mortgage lending and rising New York City employment continued to put additional pressure on the rental market.

The Brooklyn housing market continued to challenge renters. Prices were up for a record 14 consecutive months with smaller apartments bearing the majority of the increases. With the limited use of concessions by landlords, we saw tenants more willing to seek out affordability elsewhere than renew their existing lease. Based on current demand, we don’t anticipate much relief in sight for renters in the near future.

Rental prices in northwest Queens rose for the fifth time in six months and were above prior year levels. One out of four rentals were found in the expanding new development market. Queens continued to benefit from the influx of renters from Manhattan and Brooklyn looking for additional affordability. We expect this trend to continue over the coming months.

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