MANHATTAN Manhattan landlord concessions reached a
new record as rental price trends remained
softest at the top. The market share of landlord
concessions rose to 30.9%, nearly double the
16.4% share of a year ago. Each month since
July, median net effective rent declined. The
current month experienced a nominal decline of
0.1% to $3,259 on a year over year basis. The
market share of concessions for 2-bedroom
apartments was the highest at 34.9%, followed
by 1-bedrooms with 31.4%, 3 or more bedrooms
with 29.3% and studios with 26.4%…

BROOKLYN Rental price trend indicators in Brooklyn showed
further weakness across most of the market.
Median rental price declined 1.9% to $2,750
from the same period a year ago and the sixth
decline in seven months. With the exception
of 1-bedrooms, all apartment size categories
showed declines in median rental price on a
year over year basis. Median rental price for
1-bedroom apartments increased 4% to $2,700
over the same period but largely due to the
introduction of new development units into the

QUEENS NW Median rental prices in northwest Queens,
comprised of the neighborhoods of Long
Island City, Astoria, Sunnyside and Woodside,
continued to show monthly “see-saw” price
trends over the past year. This volatility in price
trends has been influenced by new development
activity. The market share of new development
rental activity more than doubled to 33.8% over
the same month a year ago. Median rental price
declined 2.5% to $2,700 from the same period
last year…