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Elliman Report: Manhattan/Brooklyn Rentals 12-2013

MANHATTAN The last 4 months of 2013 showed a year-over-year decline in median rent. The median rent was $3,100 in December, down 1.6% from the same month last year, but was unchanged from the prior month. Average rent and rent per square foot trended 0.9% and 5% higher over the same period respectively. The leveling off of price growth after over two years of gains was consistent with the rise of landlord concessions. Their use was 12.8% of new rentals, up from 4.3% in the same month last year, while the size of the concession held steady at 1 month’s equivalent rent…

BROOKLYN For the third consecutive month, the pace of rental price growth has slowed. Median rental price expanded 0.9% to $2,660 from the prior year period. After a robust 10.4% rise in September, this indicator expanded 6.8% in October, 3.8% in November and 0.9% in December. The difference in median rental price between Manhattan and Brooklyn expanded to $450 after hovering near $300 for most of last fall. Much of the gain was found within the studio market, while the remaining categories saw nominal change from the same period last year…

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