Manhattan rental prices pushed higher for the eighth consecutive month as the market remained tight. Landlord concessions remained rare, negotiability declined and the vacancy rate fell to a five-year October low. Rents for smaller apartments rose faster than the remainder of the market. Tight mortgage lending conditions and rising employment are expected to keep the pressure on the rental market in the coming months.
After declining over the past two months, rental prices in Brooklyn began to increase again. Smaller apartments experienced larger increases in rent, helped by rising employment. The use of concessions remained limited as negotiability between landlords and tenants fell sharply. The difference between rents in Manhattan and Brooklyn were less than last year. We don¹t anticipate much relief in the rents paid by tenants over the coming months.
Rental prices in Queens generally increased, especially in the studio, 1-bedroom and 3-bedroom markets. Marketing times remained fast while negotiability between tenants and landlords was very limited. The luxury market was softer than the overall market and one out of four rental transactions was within a newly developed project. We expect tight rental conditions to remain into the new year.
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