MANHATTAN While Manhattan year-over-year median rental
price expanded for the 21st consecutive month,
some market weakness was beginning to
appear. Market share of landlord concessions,
vacancy rate and listing discount expanded.
The market share of new rentals where the
landlord paid the brokerage commission and
offered the tenant free rent, rose sharply to
13.5% from 4.8% in the same period last year,
the highest in nearly 5 years…
BROOKLYN While Brooklyn rental prices continued to flirt
with recent records, the rate of price growth
eased. The rise in median rental price on a
year-over-year basis slipped each month since
August when rental prices peaked. Median rental
price slipped a nominal 0.4% to $2,935 from the
same period a year ago, partly from a 3% drop in
market share of smaller apartments. The median
rent for studios and 1-bedrooms rose 9.2% and
2.1% respectively from the same month a year
ago…
QUEENS Rental prices in northwest Queens moved
higher, yet the number of apartments where
landlords paid the brokerage commission and
provided free rent accounted for more than half
of all transactions. Median rental price expanded
8.3% to $2,735 from the same period a year
ago as average rental price and rental price
per square foot followed a similar pattern. The
rental price growth was more pronounced in
the studio and 1-bedroom markets than were
in larger apartments…