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Elliman Report: Manhattan, Brooklyn & Queens Rentals 5-2016

MANHATTAN As mentioned in the prior month’s report, rental price trends remained choppy. Price trends are expected to move “sideways” over the coming months following a two-year trend of rising rents that ended in March. After factoring in the jump in concessions which included free rent and broker commissions, the net effective median rent for May slipped 0.4% to $3,358 from the same period a year ago…

BROOKLYN Brooklyn median rental price expanded for the fifth consecutive month despite the expanding supply and the increased use of landlord concessions. Listing inventory increased 20.6% from the same month a year ago. The market share of landlord concessions increased to 8.8% from 1.5% over the same period. The net effective median rent – face rent less landlord concessions – was $2,843, up 3.6% from the same period last year…

QUEENS Median rental price trends in Northwest Queens moved higher on a year over year basis. This was in contrast to declining trends year to date. Median rental price increased 5% to $2,727 and average rental price increased 12.8% to $3,101 respectively from the same month a year ago. Price trends also moved higher year over year across all size categories. Price gains were driven by a shift in mix caused by a 51.5% market share of new development rentals, the highest in two and a half years, despite a 40.2% increase in inventory…

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