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Elliman Report: Manhattan, Brooklyn & Queens Rentals 2-2017

MANHATTAN After reaching a record high of 30.9% in January, the market share of rentals with landlord concessions slipped to 26.4%, the second highest on record. The market share of landlord concessions was 19.1% in the same month last year, a record at that time. Landlord’s use of concessions has been effective in protecting the face rent by keeping the vacancy rate in check. The vacancy rate was 2.44%, up slightly from 2.31% in the same period last year…

BROOKLYN Median effective rental price on a year over year basis continued to slip as supply expanded. Median face rent less concessions declined 1.1% from the year ago period for the seventh time in eight months to $2,715. Listing inventory expanded 17.2% to 2,354 over the same period. The market share of rentals with a landlord concession declined from the prior month record to 15.7%, the second highest on record. Market share was 12.9% in the same month a year ago, a new record at that time…

QUEENS There was a sharp decline in new leases for northwest Queens, an area comprised of the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, down 25.9% to 223 from the same month a year ago. Listing inventory expanded 19.6% to 556 on a year over year basis. This was the 18th consecutive such increase, consistent with the 33.6% market share of new development listings. Median rental price declined 5.2% to $2,800 and average rental price fell 3.6% to $2,909 respectively over the same period…

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