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Elliman Report: Manhattan, Brooklyn & Queens Rentals 11-2014

MANHATTAN All price indicators for the Manhattan rental market increased as the New York City economy continued to improve and mortgage lending conditions remained tight. Median rental price increased from the prior year level for the ninth consecutive month, up 4.4% to $3,235. Average rental price expanded 2.6% to $3,993 and average rental price per square foot rose 1.2% to $52.26 respectively from the same period last year…

BROOKLYN All Brooklyn rental price indicators increased above prior year levels. Median rental price rose 5.3% to $2,948 and average rental price increased 6.5% to $3,259 respectively from the same period last year. Average rental price per square foot increased 15.7% to $43.08, reflecting the strength of price growth within the smaller sized apartment markets. The median rental price of a studio apartment was up 23.1% year-over-year. The median rental price for 1-bedrooms was up 13.3%, 2-bedrooms were up 3.4% and 3+ bedroom were down 4.3% over the same period…

QUEENS Rental prices for the northwest region of Queens were generally lower than the same period last year, but the declines were exaggerated by the continued shift in the mix towards smaller units. The market share of studios and 1-bedrooms increased as 2-bedrooms and 3-bedrooms declined. Median rental price fell 8.2% to $2,525 from the same period last year. Average rental price decline 9.5% to $2,681 over the same period. Median rental price was $710 below the median rental price in Manhattan and $423 below the median rental price in Brooklyn…

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