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Elliman Report: Manhattan, Brooklyn & Queens Rentals 10-2016

MANHATTAN Manhattan median rental price growth remained nominal as inventory expanded and the market share of concessions set a new record. Median rental price edged nominally higher after slipping in the prior month on a year over year basis, up 0.3% to $3,400. Average sales price increased 3.1% to $4,223 over the same period. Median rent growth was largest in the entry tier of the market, rising 4% from the prior year period.

BROOKLYN The overall Brooklyn rental market was characterized by more inventory and concessions as well as a nominal decline rental prices. Median rental price slipped year over year for the third time in the past four months. The median rental price was $2,875, down 0.3% from the same period last year. Average rental price followed the same pattern slipping 1.6% to $3,139 over the same period. Luxury median rental price, representing the top 10% of the market, declined 9.1% to $5,309 from the year ago quarter. The market share of concessions expanded to 12.1%, the second highest share on record, from 7.9% in the same month a year ago…

QUEENS Rental price trend indicators for Northwest Queens, including the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, moved higher than year ago levels, yet the pattern year to date has been mixed. Median rental price jumped 12.9% to $2,900 while average rental price expanded 1.6% to $2,986 respectively from the year ago period. In addition, the luxury median rental price, representing the top 10% of the market, increased 7.5% to $4,850 over the same period. Listing inventory growth far outpaced the number of new leases signed…

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