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Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2017

MANHATTAN Manhattan landlord concessions reached a new record as rental price trends remained softest at the top. The market share of landlord concessions rose to 30.9%, nearly double the 16.4% share of a year ago. Each month since July, median net effective rent declined. The current month experienced a nominal decline of 0.1% to $3,259 on a year over year basis. The market share of concessions for 2-bedroom apartments was the highest at 34.9%, followed by 1-bedrooms with 31.4%, 3 or more bedrooms with 29.3% and studios with 26.4%…

BROOKLYN Rental price trend indicators in Brooklyn showed further weakness across most of the market. Median rental price declined 1.9% to $2,750 from the same period a year ago and the sixth decline in seven months. With the exception of 1-bedrooms, all apartment size categories showed declines in median rental price on a year over year basis. Median rental price for 1-bedroom apartments increased 4% to $2,700 over the same period but largely due to the introduction of new development units into the mix…

QUEENS NW Median rental prices in northwest Queens, comprised of the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, continued to show monthly “see-saw” price trends over the past year. This volatility in price trends has been influenced by new development activity. The market share of new development rental activity more than doubled to 33.8% over the same month a year ago. Median rental price declined 2.5% to $2,700 from the same period last year…

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