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Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2020

MANHATTAN There were 3,969 leases signed in January, down 2.1% from the same period last year. The weak sales market remains a key driver of rental demand and rising rents. Not only has net effective median rent risen annually for thirteen straight months, but the last three months of rent growth has also been the highest priced streak in 4.5 years. Net effective median rent is defined as the face rent…

BROOKLYN Despite tighter market conditions, the market share of landlord concessions remained high even after falling 3.8% year over year to 43.2%. The average size of a concession, which includes free rent and broker commissions, was 1.6 months, tie for the highest level reached since April 2018. All three face rent price indicators increased year over year…

NW QUEENS All three rental price trend indicators moved higher on a year over year basis. The median sales price was up annually by 6.3% to $2,993, for the fourth consecutive month of gains. Net effective median rent, defined as median face rent, less free rent, and broker commissions, rose 4.8% to $2,822 from the same period last year. Landlord concession…

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