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Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2018
MANHATTAN The recent growth in the landlord concession market share for the Manhattan rental market continued as net effective rent slipped. Market share of landlord concessions rose to a new record of 49.3% after just setting a new record of 36.2% in December 2017. This was consistent with the sharp decline in the vacancy rate to 1.9% from 2.35% in the same period last year. The combination of the decline in median…
BROOKLYN The Brooklyn rental market continued to weaken as new supply entered the upper half of the market. The market share of landlord concessions reached a new record for the second consecutive month, rising to 47.5% of all rentals. There have been four new records set for this metric since January 2017. While year over year median rent was unchanged for the second consecutive month, net effective…
NW QUEENS The market share of landlord concessions continued to reach new highs in the northwest region of Queens, comprised of the neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside as rental price trend indicators slipped. The market share of landlord concessions reached a record in three of the past six months, rising to 50.8% from 38.5% in the same period…
