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Elliman Report: Manhattan, Brooklyn & Queens Rentals 12-2019

MANHATTAN The net effective median rent, median face rent less free rent, broker commissions, and other landlord concessions, increased year over year for the twelfth straight month. Net effective median rent rose 5.9% to $3,387 from the year-ago period. All three price trend indicators based on face rent did not see an…

BROOKLYN Net effective median rent reflected the most significant year over year gain since February 2015, rising 10.1% to $2,894 from the same period a year ago. On a year over year basis, all three price trend indicators for face rent has increased since July 2018. The number of new leases fell for the fourth…

NW QUEENS In periods of rising rents, the number of new leases can often fall as landlords have more flexibility with tenant retention. The number of new leases fell 24.2% to 201, the lowest level reached since November 2016. Net effective median rent, defined as median face rent, less free rent, and broker…

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