MANHATTAN The year-overyear
increase in median monthly rents have
pressed higher since July 2011, averaging
a 5% annual pace. The Manhattan median
monthly rent was $3,200, up 3.5% from
the same period last year. Average rent
expanded at a similar pace, rising 3.2% to
$3,951, just shy of the $4,000 threshold
and the 7th highest monthly level in
60 months. The occurrence of rental
concessions remained limited, with only
4.4% of all new rentals having some form
applied. When concessions were used,
they were the equivalent of 1.2 months rent…

BROOKLYN The Brooklyn median
rent slipped 3% to $2,579 from the
same period last year. After reaching a
year-to-date 2013 peak rate increase of
11.3% in March and a 1% rate increase
in April, the rate decreased in May to
the lowest level of the year. Rental price
growth has remained volatile monthto-
month, but when using a 90-day
moving average, rent growth has been
maintained since late 2010…