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Reports And Guides

March - 2014 Manhattan And Brooklyn Rentals

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Report Summary

For the first time since August, Manhattan rental prices did not slip, stabilizing at a high level. Although the use of concessions by landlords is more common now than last year, their use hasn’t increased since the beginning of the year. The vacancy rate edged a little higher and marketing times remain short. The overall market remains strong and it is expected to benefit from tight mortgage lending conditions and an improving economy in the coming months.

The Brooklyn rental prices have increased for 10 consecutive months, setting a new record in March. Rental prices for the Manhattan and Brooklyn markets remain close and prices are up across all apartment sizes. Marketing times are faster than last year and negotiability between landlords and tenants remains limited. With rising employment in the city and the growing popularity of Brooklyn as a point of entry for new residents, we anticipate tight market conditions through the spring.

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