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Elliman Report: Manhattan/Brooklyn Rentals 9-2012
…Two significant drivers of rental demand over the past year have been the tight lending conditions and the improving local economy, namely employment levels. Perhaps the most consequential factor to date has been the tight mortgage underwriting standards. Banks remain risk-adverse, and lending standards have yet to ease since the fall of Lehman Brothers. This has held many would-be buyers in the rental market, especially with mortgage rates continuing to fall and reaching record-low levels throughout most of 2012. However, falling mortgage rates have made lenders even more adverse to risk. This lower tenant mobility has tightened the conditions of the rental market, laying the pressure on rents…
