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Elliman Report: Manhattan, Brooklyn & Queens Rentals 3-2016

MANHATTAN The twenty-four month trend of Manhattan median rental price growth came to an end in March. On a year-over-year basis, median rental price went negative for the first time since March 2014, declining 2.8% to $3,300 from the same month a year ago. Average rental price followed a similar pattern, slipping 3.3% to $3,989 over the same period. The decline was spread across all segments of the market whether by type or price…

BROOKLYN Brooklyn rental prices continued to rise as the number of new leases surged. Median rental price increased 2.7% to $2,775 from the same period last year. Average rental price edged a nominal 0.2% to $3,065 and rental price per square foot increased 9.3% to $43.41 respectively over the same period. However, luxury median rental price dropped 12.9% to $5,227 over the same period, consistent with trends in the other boroughs…

QUEENS The northwest queens rental market continued to show mixed results as more new development rentals entered the market, accounting for 25.5% of all activity. Listing inventory expanded 42.1% to 439 from the same period last year. Median rental price declined 5.2% to $2,799 and average rental price slipped 2.1% to $2,927 respectively from the same period last year. Median rental price slipped across all bedroom types…

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