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Elliman Report: Manhattan, Brooklyn & Queens Rentals 12-2018

MANHATTAN The number of new leases which excludes renewals, fell 38.5% to 3,240 from the same period last year. The decline in new leasing activity inferred an increase in renewals, prompted by a large market footprint of landlord concessions to keep vacancy low. Median net effective rent was $3,197, down 0.3% from the…

BROOKLYN In the past year, new development has achieved critical mass, skewing rental price trends higher even with rising concession market share. The market share of landlord concessions is closing in on three years of increases. December marks the thirty-fifth month of year over year increases in the market share…

NW QUEENS While Amazon “HQ2” bodes well for the future, there is no credible empirical evidence of market impact in December. The market share of landlord concessions was 52.8%, up 2.6% year over year and concessions for existing rentals, surged 16.1% to a share of 41.4%. While the median net effective rent rose 1.2%…

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