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Elliman Report: Manhattan, Brooklyn & Queens Rentals 10-2019
MANHATTAN While net effective median rents, defined as median face rent, less free rent, broker commissions, and other landlord concessions, have grown year over year in every month of 2019 so far, the rate of growth appeared to have peaked in July. The year over year gain was 6.5% in July and has eased…
BROOKLYN Landlord concessions, defined as free rent and broker commissions, continued to fall year over year, aided by a cooling sales market. The footprint of rental transactions with concessions declined by 13% to 37.2%, the most significant year over year decline observed in 2019. Each month of the current…
NW QUEENS Higher rents and fewer landlord concessions characterized the October rental market. Net effective median rent, defined as median face rent, less free rent, broker commissions, and other landlord concessions, rose 2.4% to $2,853, the first year over year gain since June. Aided by…
