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Elliman Report: Manhattan, Brooklyn & Queens Rentals 2-2018

MANHATTAN Manhattan landlord concession market share remained near record highs in February and nearly doubled last year’s share as overall face rent trends declined. This pattern resulted in the third consecutive monthly year over year decline in median net effective rent. The net effective median rent, median face rent less brokerage commissions, free rent, and other incentives, declined 2.8% to $3,168 from the same period…

BROOKLYN Overall Brooklyn face rental trends showed mixed results as the market share of landlord concessions remained at a record high. The February market share of landlord concessions tied last month’s record of 47.5%, more than triple the 15.7% share recorded in the same month last year. This was also the third consecutive monthly landlord concession market share record. As a result, the net effective median rent…

NW QUEENS The northwest region of Queens, comprised of the neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside showed mixed rental price trend results as landlord concessions moved higher. The market share of landlord concessions reached rose from 39.5% last year to 48.8% which was the third highest level on record. Net effective median rent declines 1.2% to $2,714 over the same period. The number of new leases…

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