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Elliman Report: Manhattan, Brooklyn & Queens Rentals 6-2016

MANHATTAN After the decline in median rental price last March that followed two years of annual increases, the metric has shown modest gains during the three subsequent months. Median rental price rose 2.2% to $3,444 from the same period a year ago, the second highest monthly median rent in at least 8 years. After considering rent concessions, the net effective median rent was $3.413, up 1.9% from the prior year…

BROOKLYN For the sixth consecutive month, Brooklyn median rent moved higher. Median rental price was $2,880, up 2.9% from the same period a year ago. Average rental price showed a similar pattern, rising 4% to $3,218 over the same period. Luxury median rental price, representing the top 10% of the Brooklyn market, increased 6.8% to $5,729, outpacing the increase in the overall market. The luxury market threshold began at $4,700 during June. The number of new leases jumped 21.2% to 1,063 while inventory surged 33.4% respectively from the same month last year…

QUEENS (NW) Rents continued to rise in Northwest Queens, which includes the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside. Median rental price was $2,787, up 10.2% from the same month last year. Average rental price moved 7.6% higher to $2,957 over the same period. The 1-bedroom market was the most active with the largest gain in market share and rise in median sales price. The market share of new 1-bedroom leases grew 10.1% to 56.1% and the median rental price of 1-bedrooms jumped 31.1% to $2,986 respectively from the same month a year ago…

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