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Everyone Agrees Manhattan's Rental Market Looks More Stable

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Another day, another Manhattan rental market report. For those not yet experiencing rental report fatigue, the fourth quarter report from Prudential Douglas Elliman offers a few fresh stats. Like yesterday's Citi Habitats report, Elliman's report shows an increase in median rental prices between the fourth quarter of 2009 and the end of 2010. But Elliman's number is smaller, at only 1.7 percent, a sign of stability rather than massive improvement. Elliman measured a decrease in average rental price of 7.7 percent.
That hasn't stopped landlords from ending concessions?Elliman's report found that only 40.5 percent of rental transactions in the fourth quarter of 2010 had concessions, with the average concession being one month of free rent. Landlords also stopped offering lease renewal incentives, flooding the market with rental inventory as renters left to seek better deals elsewhere. Good luck with that in this town!
· Market Reports [Elliman]
· Concessions Melt Away From Manhattan Rental Market [Curbed]
· Market Reports coverage [Curbed]