MANHATTAN Although
rents remain elevated, the median rental
price slipped 3% to $3,100 from the prior
year, marking the third consecutive yearover-
year monthly decline. Consistent
with somewhat weaker rental price
trends, the use of concessions by
landlords expanded. The market share
of transactions with concessions rose to
7.2%, after remaining below 5.5% since
January 2012. While concessions are
seeing limited use, the rise was consistent
with easing in rental price growth and
the small rise in the vacancy rate. These
results can be attributed to the surge in
sales observed over the summer as the
threat of rising mortgage rates pulled many
renters into the sales market…

BROOKLYN All rental price
indicators continued to trend higher
than levels seen in the same month last
year. Median rental price rose 3.8% to
$2,800, narrowing the spread between
all of Manhattan and the north and
northwest regions of Brooklyn by $197.
Gains in median price were observed in
the entry-level market, as studios and
1-bedrooms expanded 9.3% and 4.9%
respectively from last year. The other
size categories slipped over the same
period…