Report Finds Manhattan Rents Reach Five-Year High

Over the past four months Manhattan market rental prices have continued to increase, reaching the highest peaks in more than five years, according to a recent Douglas Elliman report analyzing the rental market in Manhattan, Brooklyn, and Queens for June 2014. The market has tightened as a result of falling vacancy rates and limited use of concessions by owners. The median rent for Manhattan was $3,300.

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