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Elliman Report: Manhattan, Brooklyn & Queens Rentals 11-2017
Manhattan The Manhattan rental market has sustained near record landlord concessions for a year now, as aggregate price indicators reflect mixed trends. The market share of landlord concessions expanded 4.5% to 29.6% from the same month a year ago, the second largest on record. However, landlords appear to have resolved not to expand the footprint of concessions over the market…
BROOKLYN Brooklyn rental price trends were mixed as the average size of a rental skewed higher. The average square footage was 930, up 5% from the same period last year. This was consistent in the number of new leases signed. The 3-bedroom market showed the only positive year over year median face rent of all size categories. In addition, luxury median rental price, representing…
NW QUEENS The northwest region of Queens, comprised of the neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside experienced a surge in new leases as landlord concessions remained high. There were 247 new leases, up 26.7% from the prior year. The market share of landlord concessions was 44.5%, up from 35.9% over the same period. Concession market share for…
