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Elliman Report: Manhattan, Brooklyn & Queens Rentals 10-2018

MANHATTAN The influence of new development rentals continued to skew the Manhattan median net effective rent higher despite the steady rise of landlord concessions. As noted last month, it is anticipated that the rental market will soon benefit from the cooling sales market as some would-be buyers are expected to wait within the rental market until…

BROOKLYN The Brooklyn rental market continued to be reconfigured by several years of new development activity added to the housing stock, skewing price trends higher. Dependence on a high concentration of landlord concessions remains embedded in the market, rising year over year for the 33rd consecutive month. Landlord concessions accounted for…

NW QUEENS A surge of new leases and more landlord concessions were the critical rental market characteristics of the northwest region of Queens. New development comprised of 42.8% of rental activity, whose cumulative impact over the past several years continued to skew face rents higher. There were 318 new leases, up 35.9% from the same period a year ago…

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