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Elliman Report: Manhattan, Brooklyn & Queens Rentals 4-2019

MANHATTAN The rental market maintained price growth as it benefited from its weaker sales market counterpart. This growth was evident with overall rising prices and the declining market share of apartments with rental concessions. The market share of rental activity with concessions accounted for 36.9% of new leases, 7.4% less than the…

BROOKLYN Rising price trends were maintained as concessions provided by landlords further deteriorated while the sales market slowed. The market share of new leases with a landlord concession fell year over year for the fourth straight month. The market share of landlord concessions was 38.1% of all new leases, down 12.9%…

NW QUEENS The net effective median rent, defined as median face rent less brokerage commissions and free rent rose 3.2% year over year to $2,731, the fifth gain over the past six months. Median face rent of $2,850 for Brooklyn was the same as the northwest region of Queens this month. The premium median rent of new development rentals over existing…

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