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Elliman Report: Manhattan, Brooklyn & Queens Rentals 5-2019
MANHATTAN The net effective rent of a Manhattan apartment, the face rent less free rent and broker commissions, has been rising year over year since January. The weakening sales market continued to help fuel demand for rentals. Net effective median rent for May was $3,413 per month, up…
BROOKLYN The net effective median rent has continued to press higher for the past six months, influenced by the slower pace of the “for sale” market. The net effective median rent, the face rent less free rent and broker commissions, rose 4.1% to $2,829 from the prior year…
NW QUEENS The market share of landlord concessions fell by 14.4% to 33.3% from the year-ago period, roughly half the 65.1% market share record set in April 2018. Weaker sales trends are helping to drive more demand towards the rental market, which in turn is reducing reliance on concessions…
