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Elliman Report: Manhattan, Brooklyn & Queens Rentals 2-2016

MANHATTAN The two year Manhattan rental price growth streak nearly came to an end in February as the use of concessions by landlords expanded to a five and a half year high. Median rental price edged up a nominal 0.2% to $3,382 as compared to the same period a year ago. The pace of median price growth has continued to fall since August. Average rental price slipped 1.5% to $4,032 from the same period last year, skewed lower by weakness in the luxury market, accounting for the top ten percent of all rentals…

BROOKLYN After lackluster rental price growth last fall, Brooklyn median rent showed a larger gain in February despite a surge in the use of concessions by landlords. Median rental price rose 7.3% to $2,787 from the same period last year. Average rental price followed the same pattern, moving up 4% to $3,047 over the same period…

QUEENS The northwest Queens rental market posted large gains in all price indicators as compared to the same period a year ago. Median rental price jumped 13.6% to $2,954 while average rental price followed the same pattern, rising 8.4% to $3,019. Luxury median rental price, reflecting the top ten percent of the overall market, declined 3.4% to $4,345 over the same period…

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