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Elliman Report: Manhattan, Brooklyn & Queens Rentals 3-2017

MANHATTAN Despite a modest rise in net effective median rent, the use of concessions by Manhattan landlords more than doubled to the second highest market share on record. Median net effective rental price edged up 1.2% to $3,294 from the year ago period. Landlord concessions represented 28.4% of all new leases, up from 13.6% in the same period a year ago. Over the past several months growing use of concessions…

BROOKLYN Median face rent moved 2.6% higher to $2,847 above year ago levels with the rise attributed to sharp gains in price and market share in the lower half of the market. The market share of studio and 1-bedroom new leases jumped 5.1%. At the same time, the median rental price of a studio jumped 9.3% and the median rental price of a 1-bedroom rose 6.9%. The market share of rentals with landlord concessions jumped to 16% from 6.6% in the same period last year, the second highest share on record. The number…

NORTHWEST QUEENS Median face rent for northwest Queens, an area comprised of the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, was unchanged at $2,800 compared to the same period last year. After considering the 42.7% market share of OP and concessions, the net effective median rent declined 0.5% to $2,734 over the same period. Landlord concession market share had more than doubled…

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