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Elliman Report: Manhattan, Brooklyn & Queens Rentals 4-2017

MANHATTAN The Manhattan market share of landlord concessions rose to the second highest level on record. The market share reached 28.6%, more than double the year ago share of 13%. As a result, median effective rent declined 1.8% to $3,309, the second largest decline since 2013. The aggressive use of concessions continued to be an effective way to keep the vacancy rate from rising. The Manhattan vacancy rate was 2%, down from 2.35% in the same month a year ago and the lowest vacancy rate in nearly two years…

BROOKLYN Brooklyn net effective median rent was essentially unchanged from the same month a year ago as the surge in landlord concessions offset the rise in face rent. The market share of landlord concessions more than doubled to 14.7% resulting a nominal 0.3% rise in net effective median rent to $2,765 respectively over the same period. There was a 25.9% surge in the number of new leases to 1,254 as a result of continued tenant resistance to high rent levels and a 2.4% rise in market share of new development to 18.2% of all new leasing activity. By apartment size, Brooklyn studios saw a 5.9% jump in median rent to $2,445 from the year ago period…

NORTHWEST QUEENS The northwest Queens rental market, made up of the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, continued to experience a large influx of new development units that skewed overall price trends higher. Median net effective rent rose 10.4% to $2,995 from the same period last year. The market share of new development rentals jumped 15.5% to 35.4% from the same year ago period. With the skew of higher priced units entering the market, the share of landlord concessions tripled to 45.5% from 14.6% in the same period last year…

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