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Elliman Report: Manhattan, Brooklyn & Queens Rentals 9-2016

MANHATTAN Manhattan median rent slipped as new leases surged and landlord concessions expanded. This was the second time in nearly three years median rental price declined year over year. Both of those declines came in 2016 with the prior decline occurring in February. Median rental price slipped 1.2% to $3,396 from the same period a year ago. Average sales price edged up 0.8% to $4,117 from the same month last year. Median rental price declined most at the upper end of the market and was flat in the entry market…

BROOKLYN After two consecutive months of declines, Brooklyn median rental price edged higher, along with a surge in new leases and gain in inventory. Median rental price rose 2.4% to $2,949 from the same period last year. Average rental price increased 2.2% to $3,197 over the same period…

QUEENS Rental price trends for the Northwest Queens market have remained mixed, declining in 7 months over the past year. Median rental price for the area that includes Long Island City, Astoria, Sunnyside and Woodside, declined 5.7% to $2,787 from the same period a year ago…

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