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Elliman Report: Manhattan, Brooklyn & Queens Rentals 2-2020

MANHATTAN The net effective median rent, face rent less all landlord concessions, including free rent and broker commissions, rose year over year for the fourteenth straight month. The combination of increasing face rent and declining concessions are keeping the streak alive. Net effective median rent rose 2.8% to $3,390 from the same period last year…

BROOKLYN Both median face rent and median net effective rent reached new records in February. Before considering free rent and broker commissions, median face rent jumped 7.1% to a record of $3,100 from the year-ago period. Net effective median rent rose 8.3% to a record of $3,015 over the same period. Existing rental price growth was the…

NW QUEENS The average rental price surged 11.8% to a record of $3,235 from the same period last year, the fifth straight month of gains. Median net effective rent, defined as median face rent, less free rent, and broker commissions, rose annually for the fourth time in five months, up 0.7% to $2,705. Despite rising rents and new records, the footprint of…

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