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Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2016

MANHATTAN The pace of rent growth in the Manhattan market continued to cool as use of concessions by landlords doubled and the vacancy rate edged higher. Median rental price increased 1.5% to $3,350 from the same period last year and was unchanged from the prior month. The rate of year over year median rental price gains has fallen in each of the past five months…

BROOKLYN Brooklyn rental prices remain elevated but price growth has been increasingly rare in recent months. Median rental price edged 0.8% higher to $2,923 from the same month last year after seeing no gains over the prior two months. Average rental price slipped 0.4% to $3,189 over the same period…

QUEENS Overall price trend indicators in northwest Queens remained mixed as new leases expanded. Median rental price was $2,767, down 4.8% and average rental price fell 3.6% to $2,825 respectively from the same month a year ago. Luxury median rental price, representing the top 10% of the market, saw a larger decline of 10.6% to $4,200 over the same period…

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