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Elliman Report: Manhattan, Brooklyn & Queens Rentals 11-2016

MANHATTAN Landlord concessions set a new record as net effective median rent slipped year over year for the fourth consecutive month. The market share of concessions reached a record 25.1% share of all new rentals, nearly double the 13.5% market share of the same period a year ago. Net effective median rent, defined as the face rent less landlord concessions, slipped 1.6% to $3,264 over the same period…

BROOKLYN Brooklyn rental prices slid year over year for the fourth time in five months. Median rental price slipped 1.3% to $2,780 from the year ago quarter. Average rental price declined 5.3% to $2,993 over the same period. Luxury median rental price, representing the top 10% of the Brooklyn market, was noticeably weaker and fell 16.6% to $4,900 from the same year ago period. The decline in luxury rents was consistent with a 13.5% decline in the entry threshold to $4,200 per month. The amount of concessions offered by landlords jumped to a new record of 15.4% from 6.6% in the same period a year ago…

NORTHWEST QUEEENS The northwest Queens rental market continued to show mixed results on a month to month basis. The median rental price declined 6.6% to $2,555 from the same period last year and the sixth such decline in 2016. The region includes the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside. Average rental price showed the same trend, declining 9.4% to $2,738 over the same period. Rental growth amount the various price segments was inconsistent, unlike the adjacent markets of Manhattan and Brooklyn, largely because of the 36.4% market share of new development rental unit…

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