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Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2015

MANHATTAN Overall Manhattan price indicators continued to rise, as median rental price posted an 11th consecutive year-over-year gain, climbing to the third highest level since 2008. The drivers of rising rents remain the same: tight credit, rapidly rising employment and a growing economy. Median rental price was $3,299, up 5.9% from the same period last year…

BROOKLYN Median Brooklyn rents were above prior year levels for the 4th consecutive month and for 18 of the past 20 months. All overall rental price indicators were above prior year levels: median rental price was $2,901, up 2.5%; average rental price was $3,201, an increase of 4.5%; rental price per square foot jumped 14.1% to $40.33. The number of new rentals surged 54.5% to 683 from the same period last year as tenants continued to resist rental price increases at lease renewal and search for greater affordability elsewhere…

QUEENS Overall rental prices in northwest Queens continued to rise. Median rental price jumped 30.7% to $2,905 from the same month last year. Average rental price increased 22.3% to $2,929 and rental price per square foot increased 7.7% to $41.15 respectively over the same period. The $4 difference between the median rental price for the region and the Brooklyn median rental price was nominal…

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