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Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2019

MANHATTAN After two months of year over year declines, the net effective median rent rose 5.7% year over year to $3,320, the most significant increase in three and a half years. The number of new leases fell year over year for the third consecutive month, down 7.9% to 4,054. The decline in new leasing activity inferred…

BROOKLYN The market share of new development rentals, comprising 20.3% of total rentals, rose 1.7% from the same period last year. With one out of five new leases occurring in higher priced new development offerings, rental price trends have been skewing higher during the latter part of last year. Although…

NW QUEENS The market share of landlord concessions rose year over year for the seventh consecutive month to 58% of all leases. By property type, new development leases saw concessions in at least 74.5% of all leases and existing properties saw concessions in at least 49.8% of all leases, a new record. The market share…

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