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Elliman Report: Manhattan, Brooklyn & Queens Rentals 11-2015

MANHATTAN While Manhattan year-over-year median rental price expanded for the 21st consecutive month, some market weakness was beginning to appear. Market share of landlord concessions, vacancy rate and listing discount expanded. The market share of new rentals where the landlord paid the brokerage commission and offered the tenant free rent, rose sharply to 13.5% from 4.8% in the same period last year, the highest in nearly 5 years…

BROOKLYN While Brooklyn rental prices continued to flirt with recent records, the rate of price growth eased. The rise in median rental price on a year-over-year basis slipped each month since August when rental prices peaked. Median rental price slipped a nominal 0.4% to $2,935 from the same period a year ago, partly from a 3% drop in market share of smaller apartments. The median rent for studios and 1-bedrooms rose 9.2% and 2.1% respectively from the same month a year ago…

QUEENS Rental prices in northwest Queens moved higher, yet the number of apartments where landlords paid the brokerage commission and provided free rent accounted for more than half of all transactions. Median rental price expanded 8.3% to $2,735 from the same period a year ago as average rental price and rental price per square foot followed a similar pattern. The rental price growth was more pronounced in the studio and 1-bedroom markets than were in larger apartments…

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