Manhattan Rent Hikes Slow as Apartment Tenants Push Back – Bloomberg 01-10-13

Salient to Investors:

Jonathan Miller at Miller Samuel said the median monthly rent in Manhattan rose 0.8 percent from a year earlier, the third consecutive month around 1 percent, versus an average of 7.4 percent for the year through September. Miller doesn’t expect the same rapid ascent seen over the last year and a half but sees the record passed in Q2 2013.

Miller Samuel and Douglas Elliman said sales of Manhattan apartments surged 29 percent in Q4 2012, the highest Q4 since at least 1987.

Citi Habitats said the Manhattan apartment vacancy rate was 1.38 percent in Q4 2012, Miller Samuel says 1.77 percent in December versus 2.04 percent in December 2011.

Read the full article at http://www.bloomberg.com/news/2013-01-10/manhattan-rent-hikes-slow-as-apartment-tenants-push-back.html.

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