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Elliman Report: Manhattan, Brooklyn & Queens Rentals 5-2015

MANHATTAN Manhattan rental prices pushed higher as a booming local economy and tight credit conditions kept the pressure on. Median rental prices were above the prior year level for the fifteenth consecutive month, but still short of the record 23-month period set in 2011 through 2013. Median rental price increased 2.4% to $3,380 from the same period last year. Average rental price increased 4.6% to $4,081 over the same period, a record four consecutive months above the $4,000 threshold…

BROOKLYN After showing signs of weakness a few months ago, all Brooklyn rental price indicators moved higher for the second consecutive month. Median rental price increased 4.8% to $2,933 from the same period last year to the third highest median rental price tracked since 2008. Average rental price increased 4.3% to $3,252 from the same period last year. Overall prices were skewed higher by the surge in market share of larger sized rentals…

QUEENS Price indicators in the northwest region of Queens moved lower as the rental mix continued to shift to smaller units. The market share of 1-bedroom rentals jumped 26.7% from the same month last year. As a result, median rental price fell 12.4% to $2,597 over the same period. However, median rents rose across one, two and three bedrooms by 4%, 3% and 27.7% respectively…

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