MANHATTAN Median
rental price for October fell 1.6% below
the same month last year to $3,150. This
decline was the second consecutive yearover-
year drop, following the September
drop that broke the 26 consecutive month
record without a decline. Weaker pricing
was the result of the sales surge over the
summer that pulled demand from the
rental market. However the use of landlord
concessions remained limited, found
in only 3.7% of all new rentals with an
average rental equivalent of 1.2 months.

BROOKLYN The rental market
continued to show growth with all price
indicators above prior year levels. Other
than last May, all monthly year-overyear
rental price indicators have not
declined in 2013. Median rental price
rose 6.8% to $2,699 over the prior
year quarter. Average rental price and
average rental price per square foot
posted 12.6% and 25.5% respectively
gains over the same period.