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Elliman Report: Manhattan, Brooklyn & Queens Rentals 8-2015

MANHATTAN Manhattan rental price indicators moved higher as record employment growth along with tight credit conditions kept the pressure on. Median rental price jumped 7.1% to $3,400 from the same period last year to the third highest median rental price on record. This metric has increased for 18 consecutive months. Average rental price increased 2.8% to $4,058 and average rental price per square foot increased 1.6% to $54.12 respectively over the same period…

BROOKLYN After reaching a record in the prior two months, the Brooklyn median rental price set a new record this month. Median rental price increased 10.8% to $3,112 from the prior year period and exceeded the $3,000 threshold for the first time. Rental price indicators rose across all apartment sizes, also a continuing trend. Average rental price increased 7.8% and average rental price per square foot rose 11.6% respectively over the same period…

QUEENS The northwest region of Queens has seen price volatility in recent months, largely influenced by the mix and timing of new rental product introduced to the market. Overall rental price indicators remained mixed this month, suggesting overall price stability. Median rental price slipped to $2,750 from the same period last year…

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