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Manhattan Rents Remain Stable, Brooklyn Rents Keep Rising

…Elliman reporter preparer and market guru Jonathan Miller says the trend likely won’t continue. “Much of the weakening of price growth was due to the record sales volume we saw in the past couple of quarters,” says Miller….

…That said, average prices—Miller prefers the median, as it eliminates outliers—showed no such decrease. Miller found them to rise a teensy bit, by 0.2 percent to $3,862 (same as last month), and MNS put the average slightly higher, at $3,905.

Miller says rents have plateaued “at fairly high prices” for a variety of reasons….

…Miller notes that overall rents have not fallen in 2013, except for in May. MNS also found rents to rise, but at lesser pace, moving from $2,599 to $2,698, or 3.82 percent….

…Miller points out that the price difference between Brooklyn and Manhattan rentals narrowed by 33 percent year-over-year, and that new rentals grew by more than 37 percent as renters searched for the holy grail of more affordability….

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