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Elliman Report: Manhattan, Brooklyn & Queens Rentals 10-2017

MANHATTAN The Manhattan rental market was characterized by a rising vacancy rate and landlord concessions as well more new leases signed. The vacancy rate was 2.47%, up year over year from 2.39% for the third consecutive month from the same period last year and the highest level for an October in eleven years. The market share of landlord concessions rose 4.1% to 28% over…

BROOKLYN¬†Overall rental market price trends in Brooklyn are slipping as landlord concessions expand. The median net effective rent was $2,760, down 2.9% year over year for the sixth consecutive month. By the number of bedrooms, all size categories reflected a year over year decline in median face rent. The market share of concessions provided by landlords was 19.3%…

NW QUEENS¬†The rental market in the northwest region of Queens was defined by record landlord concessions and an expanding pattern of declining rents. Comprised of the neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside, the northwest rental market of Queens experienced a 48.3% overall market share of landlord concessions due to the 38.9% market share of new development rentals…

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