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Elliman Report: Manhattan/Brooklyn Rentals 4-2014

MANHATTAN Median rental price increased 1.6% to $3,247 from the same period last year to the second highest level in more than 5 years. This was the second consecutive year-over-year monthly increase after 6 consecutive months of decline, largely attributable to a higher than normal sales volume in 2013. The robust sales market provided competition, poaching some rental demand as “fencesitters” concerned about rising mortgage rates opted to purchase. Average rental price rose 5.1% to $4,008, the second time the $4,000 threshold was exceeded in the past 4 years. The overall rise in rental prices was largely seen in the studio and 1-bedroom markets with year-over-year gains of 4.2% and 1.4% respectively…

BROOKLYN The 11th consecutive increase, median rental price increased 3.9% to $2,805 from the same month last year, but fell 3.3% from the prior month record of $2,900. Average rental price followed a similar pattern rising 6.4% to $3,209 over the same period. Despite the rising trend, month over month rental price trends for all indicators have showed relative stability since the beginning of the year…

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