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…