The Manhattan rental market continued to be characterized by rising prices and low vacancy rates. Median rent increased for the ninth consecutive month with the biggest gains seen in the studio and 1-bedroom markets. The use of concessions by landlords and declining marketing times were influenced by rising employment and tight mortgage lending conditions. We don’t anticipate significant relief to tenants next year.
Brooklyn rental prices have risen for the second consecutive month after slipping in prior months. A large part of the rise in rental prices has been seen in the studio and 1-bedroom markets. The use of landlord concessions remained rare as marketing times edged higher. These conditions are expected to continue into next year.
Northwest Queens rental prices were mixed, with rental price increases and market share gains seen mainly in studio and 1-bedroom apartments. Overall marketing time expanded, but negotiability between tenants and landlord remained limited. With the continued addition of new rental properties into the market, we expect similar conditions into the new year.
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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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