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Elliman Report: Manhattan, Brooklyn & Queens Rentals 3-2019
MANHATTAN The weakness in the sales market continued to drive additional leasing activity in the rental market. Price trend indicators continued to rise with a spike in new leasing activity and stabilization of landlord concession market share. The net effective median rent, median face rent less…
BROOKLYN All price trend indicators moved higher as more demand shifted from the sales market to the rental market. Net effective median rent, the rental equivalent of median rent plus commissions and free rent, rose for the fourth straight month, up 5.8% to $2,781. The overall price trend indicators also rose year over year…
NW QUEENS The market share of landlord concessions fell year over year for the first time since August as rising rents reduced the need for their use and raised the number of new leases signed. The number of new leases surged 26.3% to 327 from the same period last year. Landlords pressed for rental increases at…
