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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…
