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February - 2014 Manhattan And Brooklyn Rentals

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Report Summary

TheManhattan rental market still is feeling the heat from the sales market asfirst time buyers are being pulled from rentals.  Rental prices remainbelow year ago levels, yet we don’t expect significant relief to tenantsanytime soon.  Larger apartments are seeing more rental price increasesthan smaller apartments.  Although we are seeing a little moreavailability than a year ago, as well as an increased use of concessions bylandlords, conditions still remain tight.   With no anticipated easing ofalready tight mortgage lending conditions and an improving New York Cityeconomy, we look to an active rental market for the foreseeable future.

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