Gary Malin News
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Manhattan apartment rents jumped in March at the fastest pace in six months, sending rates to within about 2 percent of their peak, as limited inventory in the sales market fueled competition among tenants.
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Manhattan’s apartment vacancy rate rose in August to its highest level for the month in three years as record-setting rents pushed tenants out of the market in the busiest time for leasing, according to Citi Habitats.
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Manhattan apartment rents climbed 5.9 percent and rent concessions fell in the fourth quarter as rising employment helped revive demand, Citi Habitats reported.
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Manhattan apartment rents surged in the first quarter, coming within about 5 percent of the peak as would-be homeowners struggled to get mortgages and lingered longer in the leasing market.
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Manhattan’s apartment vacancy rate climbed in August for the first time in nine months as New York unemployment exceeded 9 percent and landlords made fewer rent concessions, broker CitiHabitats said.
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Manhattan apartment rents climbed 7 percent in the second quarter from a year earlier as landlords emboldened by low vacancy rates cut concessions and tested how far they could push price increases.
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Manhattan apartment rents increased 9 percent in July from a year earlier as landlords tested how high they could push prices amid few vacancies.
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Manhattan apartment rents climbed 4.9 percent in the third quarter from a year earlier as tenants opted to renew leases in a tightening market, leaving home- seekers to compete for fewer vacancies.
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Manhattan apartment rents jumped 9.5 percent in the fourth quarter as landlords emboldened by increasing demand cut concessions and pushed price increases in what’s traditionally the slowest leasing season.
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New apartment rentals in Manhattan more than tripled in the third quarter, as landlords offered fewer concessions and tenants sought better deals by moving out.
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