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Elliman Report: Manhattan, Brooklyn & Queens Rentals 7-2016

MANHATTAN For much of 2016, growth in median rent on a year over year basis flirted with zero and this month was no exception. The median rent of a Manhattan apartment was $3,450, up 0.9% from the same period last year. After factoring the expanded use of landlord concessions, median rent increased 0.5% over the same period. The market share of concessions was 10.8%, more than double the 5.3% share of the same period a year ago…

BROOKLYN The year over year change in median rent declined in July for the first time in 2016. Median rent was $2,826, down 0.8% from the same period a year ago. Average rental price edged up 1.1% to $3,124 over the same period. The use of concessions by landlords nearly doubled to a 9.5% share from the same period last year. As a result, the net effective median rent slipped 1.2% from the same period last year…

QUEENS Rents in Northwest Queens – comprised of the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside – were softer this year than last year as newly developed inventory continued to enter the market. Median rent declined 8.2% to $2,768 from the same month a year ago. Average rental price declined 4.7% to $2,909 over the same period. Median rent moved lower across all unit sizes with bigger declines in the larger sized apartments…

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