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Elliman Report: Manhattan, Brooklyn & Queens Rentals 7-2017

MANHATTAN Although Manhattan rents remain high and vacancy remains low, price trends are weakening. Landlord concessions have kept vacancy rates from rising but have been unable to keep the face rent from falling. While median face rent was $3,450, unchanged year over year, it was the first year over year decline in net effective median rent for July in at least 5 years…

BROOKLYN Landlord concessions rose to a record market share as face rents showed mixed results. The market share of concessions more than doubled to a record 22.1%, breaking the 18.1% record reached in January. As a result, the net effective median rent, face rent less the rental equivalent of brokerage commissions and free rent, declined 1.8% to $2,745 from the same period last year…

NW QUEENS The neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside form the northwest region of Queens and once again, posted large gains in face rent despite the high market share of concessions. The market share of new development activity was 36.4%, up from 29.9% a year ago and the continued activity continued to skew face rents higher as higher quality housing stock entered the market…

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