Introducing the TOWN Rental Report, a Hyper-Local Look at Neighborhood Apartment Rental Prices
The number of rentals jumped this month as tenants sought greater affordability at the time of lease renewal. Negotiability and marketing times were low as the use of concessions by landlords remained rare. The tight mortgage lending and improving economic conditions are both helping to keep rents near record levels. The number of new rentals in Brooklyn surged from this time last year as tenants sought relief from the rising rental prices. More potential tenants did this by seeking new places to rent in lieu of renewing existing leases.
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TOWNs goal is to demonstrate current rental asking prices so renters know what to expect in todays housing market. In terms of macro-city trends, the report covers property management companies in baltimore md market-wide rental prices, as well as the asking rents for doorman and non-doorman apartments. TOWNs hope is to display the information readers will find most useful during their search for the perfect home. It is also to inform industry insiders, developers and investors. In Manhattan there are interesting relationships between what is going on in the sales market and the rental market, said Damien Parker, TOWNs Chief Statistician and one of the authors of TOWNs well-received quarterly Aggregate Report. We are happy to begin analyzing New York City pricing trends on a hyper-local level. The TOWN Rental Report reveals that month over month, there were mild percentage increases in rental prices pertaining to all apartment sizes.
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