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Elliman Report: Manhattan, Brooklyn & Queens Rentals 11-2018

MANHATTAN The Manhattan rental market continued to be characterized by rising concessions, falling vacancy rates and price trends skewed higher by the influx of new development rentals. The market share of landlord concessions rose year over year to 42.2% from 29.6% in the prior year. Concessions have been rising year over year for forty-two consecutive months and have been…

BROOKLYN Landlord concessions continued to dominate the Brooklyn rental market as incoming new development skewed face rents higher, despite weakening conditions. Eight out of ten new development rentals had some sort of landlord concession. Concession market share rose year over year to 46.5% from 18.6%, the 34th consecutive month with an annual increase…

NW QUEENS The large influx of new rental developments, most skewed towards luxury, have continued to press market wide rental price trends higher. Face rents were up sharply year over year across the overall price trend indicators. The recent decision by Amazon to locate their “HQ2” in Long Island City has not had any apparent impact on the local rental market, likely due to the ramp up period…

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