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Elliman Report: Manhattan, Brooklyn & Queens Rentals 4-2016

MANHATTAN After a two-year streak of year over year rent growth came to an end last month, median rental price edged higher in April, perhaps suggesting a more “choppy” market over the next year. Median rental price edged 1.4% higher to $3,415 from the same period a year ago. Average rental price followed the same pattern, rising 1.5% to $4,119 over the same period. Price trends across all size categories showed inconsistency, with 1-bedroom and 2-bedroom median rental prices moving higher and studios and 3 or more bedrooms moving lower…

BROOKLYN For the fourth consecutive month, Brooklyn median rental price increased on a year over year basis. The April median rent was $2,780, up 0.9% from the same period last year. Average rental price followed the same pattern, rising 1.5% to $3,054. There were more rental price gains seen in smaller apartments. Despite the weakening price trend with larger apartments, the luxury market posted a 3% rise to $5,345 from the same period last year. New development rental median rent slipped 0.9% to $3,286 over the same period. Overall inventory expanded 16.1% to 1,915 as the use of concessions by landlords nearly doubled to a market share of 6.5% respectively from the same month a year ago…

QUEENS Rental market price trends in northwest Queens continued to show weak results as median rental price slipped for the fourth month of the past five months on a year over year basis. Median rental price slipped a nominal 0.4% to $2,735 from the same period a year ago. Year over year declines in median rent were seen across all size categories, with the largest declines skewed to the upper end of the market…

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