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Elliman Report: Manhattan/Brooklyn Rentals 11-2013

MANHATTAN Although rents remain elevated, the median rental price slipped 3% to $3,100 from the prior year, marking the third consecutive yearover- year monthly decline. Consistent with somewhat weaker rental price trends, the use of concessions by landlords expanded. The market share of transactions with concessions rose to 7.2%, after remaining below 5.5% since January 2012. While concessions are seeing limited use, the rise was consistent with easing in rental price growth and the small rise in the vacancy rate. These results can be attributed to the surge in sales observed over the summer as the threat of rising mortgage rates pulled many renters into the sales market…

BROOKLYN All rental price indicators continued to trend higher than levels seen in the same month last year. Median rental price rose 3.8% to $2,800, narrowing the spread between all of Manhattan and the north and northwest regions of Brooklyn by $197. Gains in median price were observed in the entry-level market, as studios and 1-bedrooms expanded 9.3% and 4.9% respectively from last year. The other size categories slipped over the same period…

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