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Elliman Report: Manhattan, Brooklyn & Queens Rentals 5-2018

MANHATTAN The Manhattan market experienced increased leasing activity as some buyers gravitated towards the rental market to get comfortable with the sales market reset that began late last year. The market share for three-bedroom or more apartments was the largest on record since the fall of 2011. Their activity jumped 20% from the same period last year helping skew overall price trends higher. Net effective median rent for…

BROOKLYN While the Brooklyn rental market continued to experience a larger footprint of landlord concessions, there was also an expansion in the number of new leases. The number of new leases, defined as the combination of new development and push back of existing tenants at time of renewal, rose 11.4% from the same period a year ago. After five consecutive months, with a record market share of…

NW QUEENS The northwest region of Queens which includes Long Island City, Astoria, Sunnyside, and Woodside continue to see softening rental conditions as more new development product, accounting for more than 40% of all activity. Net effective median rent fell for the sixth consecutive month on a year over year basis by 14.3% to $2,486. The market share for landlord concessions was 47.7%, up annually for the…

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