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Elliman Report: Manhattan, Brooklyn & Queens Rentals 5-2017

MANHATTAN The use of concessions by Manhattan landlords remained high and effective as the vacancy rate fell below 2 percent for the first time in two years. The market share of concessions was 25.1% of new leases, double the 12.6% market share of the same period last year. The vacancy rate fell to 1.72% from 2.51% over the same period. The net effective median rent – face rent less the rental equivalent of brokerage commissions and free rent – showed a nominal 0.6% gain to $3,377 over the same period…

BROOKLYN The Brooklyn rental market continued to show weakness at the upper end of the market and tighter conditions in the entry-level. The net effective rent of a Brooklyn apartment declined 2.1% to $2,782 from the year-ago quarter, pulled lower by the decline in face rent and rise in landlord concessions. Their market share was 15.2% of new leases, nearly double the 8.8% market share of the same period last year…

NORTHWEST QUEENS The northwest Queens rental market remained significantly influenced by new development activity, accounting for 38.7% of new leases signed during the month. The region, made up of the neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, showed a 7.5% gain in net effective median rent to $2,902 from the same period last month. The use of concessions by landlords was 37.9% or nearly four times higher than the 9.7% shares of the same period a year ago…

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