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Elliman Report: Manhattan/Brooklyn Rentals 10-2012

MANHATTAN The Manhattan vacancy rate fell to 2% from 2.32% in the same period last year. Consistent with this decline, rentals with landlord concessions had single-digit market share; approximately 4% of all new rentals had some form of concession, compared to 25% two years ago.

BROOKLYN There were 23.2% more new rentals in October than there were a year ago, as high rent levels caused more “churn” in the marketplace. The jump in listing discount and days on market also reflected landlords tending to push for rent increases at the time of lease renewals.

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