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Elliman Report: Manhattan, Brooklyn & Queens Rentals 9-2018

MANHATTAN The Manhattan rental market continued to enjoy low vacancy rates but with rising concession market share. The market also joined the other boroughs with rising face rents caused by the significant concentration of new development newly embedded into the housing stock. The market share of concessions rose year over year for the fortieth consecutive month. The September share was 37.4%, up from…

BROOKLYN While Brooklyn face rents trended higher due to the critical mass of new development introduced to the housing stock over an extended period, the landlord concession market share continued to rise. The market share of rentals with landlord concessions was 43.1%, up by more than double from the same period last year and the thirty-second consecutive month with a year…

NW QUEENS The northwest region of Queens continued to see a significant influx of high-end new development rentals to the housing stock, skewing price trends higher. New development rentals accounted for 39.3% of the market in September, up 1.6% from the same period a year ago. Even with an overall concession market share of…

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