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May - 2014 Manhattan And Brooklyn Rentals

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Report Summary

Since the beginning of the year, Manhattan rental prices began to rise again, reaching their highest level in 5 years. Much of the weakness that began to appear in late 2013 has disappeared. The use of concessions by landlords has fallen by half since January and the vacancy rate has fallen near multiyear lows. These conditions, in addition to tight mortgage lending and rising employment are expected to keep rents elevated through the coming months.

For the past 12 months, Brooklyn rental prices have been higher than the prior year. The biggest gains are being seen in smaller apartments such as studios and 1-bedrooms, although overall rental prices have been leveling off in 2014, taking a breath from the large gains of the past few years. We don’t anticipate much relief to tenants over the coming months as the economy improves and lending conditions remain tight.

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