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Elliman Report: Manhattan, Brooklyn & Queens Rentals 4-2018

MANHATTAN Rising landlord concessions and falling rents continued to define the Manhattan rental market in April. The market share of landlord concessions rose to 44.3%, up from 28.6% in the same month last year, the third highest recorded since late 2010. Net effective median rent, defined as face rent less brokerage commissions and free rent, slid 2.2% to $3,236 over the…

BROOKLYN The Brooklyn rental market continued to show weakening trends with the expansion of concessions and sliding rents. For the fifth consecutive month, the market share of landlord concessions sent a new record, rising to 51% from 14.7% in the same month a year ago. Over the same period, median face rent expanded 1.5% to $2,841, but net effective…

NW QUEENS Long Island City, Astoria, Sunnyside, and Woodside are neighborhoods that comprise the northwest region of Queens, continued to show softer rental conditions with record landlord concessions and declining rental price trend indicators. The market share of landlord concessions set a new record, the fifth of the past seven months, reaching 65.1%, up from 45.5% in…

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