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Elliman Report: Manhattan, Brooklyn & Queens Rentals 3-2018

MANHATTAN The Manhattan rental market continued to cool with easing rents, elevated landlord concessions but with faster marketing times. The market share of landlord concessions rose to 41.7% from 28.4% in the same period last year and the third highest level in seven and a half years. The net effective median rent, median face rent less brokerage commissions, free rent, and other incentives, declined 3.8% to $3,168 from…

BROOKLYN The Brooklyn rental market showed cooling rents, record landlord concessions, and fewer new leases. Landlord concessions reached a record 47.7% market share, the fourth consecutive month with a record and more than double the 16% share in the same period last year. As a result, median net effective rent, median face rent less brokerage commissions, free rent, and other incentives, fell year over year for the fourth consecutive month, down 6.3% to…

NW QUEENS The neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside which comprise the northwest region of Queens, showed a record market share of landlord concessions and mixed price trends. The market share of landlord concessions rose sharply to a record 63.3% from 42.7% in the same period last year. Net effective median rent, median face rent less brokerage commissions, declined 6.4% to $2,559 over the same period with a 1.8-month average…

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