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…