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Elliman Report: Manhattan, Brooklyn & Queens Rentals 2-2015

MANHATTAN Manhattan housing price gains pulled away from the other boroughs as rents expanded for the 12th consecutive month. Median rental price jumped 8.9% to $3,375, the second highest level reached in more than 7 years. Average rental price moved up 4.1% to $4,093, the highest level reached in nearly 5 years. Smaller apartments such as studios and 1-bedrooms tend to rent for a higher per square foot than larger apartments…

BROOKLYN For the first time in 5 months, the Brooklyn median rental price posted a year-over-year decline. Median rental price slipped 0.9% to $2,863 from the same period last year. Average sales price also moved 0.6% lower to $3,160 over the same period. Average rental price per square foot edged 1.3% higher to $38.63 from the same period, reflecting more price growth in the smaller apartment submarkets. Studio and 1-bedroom apartments posted year-over-year gains in median rental price as larger sized apartments continued to see weaker performance…

QUEENS The northwest Queens rental market, which includes Long Island City, Astoria, Sunnyside and Woodside showed price stability in February. Median rental price was $2,600, unchanged from the same period last year. Average rental price edged 1.3% higher to $2,784 and average rental price per square foot slipped 3.7% to $40.93 respectively over the same period. Median rental price was $205 less than Brooklyn and $775 less than Manhattan. Luxury median rental price increased 10.5% to $4,500 from the prior year period in contrast to the stability seen in the overall market…

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