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.


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