Salient to Investors:
Miller Samuel and Douglas Elliman Real Estate said:
- The median monthly rent in Manhattan fell 2.8 percent in February from a year earlier for the sixth straight decline, and the vacancy rate rose to 1.87 percent.
- Landlords offered concessions on 9 percent of all new Manhattan leases in February, versus 5.5 percent a year earlier, as tenants left apartments in search of better deals elsewhere.
- In February the monthly median rent in Brooklyn rose to $2,890, $210 less than in Manhattan and the narrowest spread since data began in January 2008.
- Improving employment will continue to support prices, but income is not growing at a pace that suggests any sharp increases in rents this year.
Read the full article at http://www.bloomberg.com/news/2014-03-13/manhattan-apartment-tenants-get-relief-as-rents-decline.html
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