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Elliman Report: Manhattan/Brooklyn Rentals 8-2013

MANHATTAN The Manhattan median rental price increased by 1.8% to $3,150 from the same month last year. The last time this metric posted a decline was in June 2011, resulting in an unprecedented 26-month run. The average rental price increased 7.8% to $3,860 over the same period. Concessions from landlords continue to be rare with only 2.5% of all new rentals having some form of rewards, averaging the equivalent of 1 month of free rent.

BROOKLYN All rental price indicators showed year-over-year gains. Median rental price increased by 4.6% to $2,850 from the same month last year, reaching record highs in over 5-year period. The year-over-year average gain of this price metric during this period was at 3.4%. Average rental price and average rental price per square foot both increased 3.6% and 6.9% respectively from the same period last year.

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