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Elliman Report: Manhattan, Brooklyn & Queens Rentals 2-2019

MANHATTAN  The market share of concessions by landlords fell annually for the second straight month after fortythree months of expansion. Concession market share remained high at 41.6% but declined from 47.6% in the same period last year. Net effective median rent, the rental equivalent of median rent…

BROOKLYN  Net effective median rent, the rental equivalent of median rent plus commissions and free rent, rose for the third straight month, up 5.8% to $2,784. The sharp rise in rent was partially attributable to the decline in market share of landlord concessions. Concession market share covered 44.7% of the…

NW QUEENS  The number of new leases for the month slipped 7% to 280 from the same period a year ago after seven consecutive months of gains. Net effective median rent slipped 1.1% to $2,685 over the same period, the first decline after three months of gains. The market share of new development rentals…

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