After closing out 2012 with a slight increase in rents at already high levels, Manhattan rental price increases have steadily grown larger in the first three months of 2013. Rents rose across all apartment sizes with the largest gains seen in the 2-bedroom and 3-bedroom markets. The market remains tight with the lowest vacancy rate in two years. The combination of an improving economy and tight credit is expected to increase pressure on rents throughout the year.
Increases in Brooklyn rental prices were strong and have been growing since the beginning of the year. New rental activity slipped as more tenants, unable to find more affordable places to live, signed more renewals. Landlord concessions continue to be the exception and not the rule with tighter supply. As the economy improves and with low mortgage rates in place, we don't anticipate much change in the market in the coming months.
Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends.
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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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