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Elliman Report: Manhattan, Brooklyn & Queens Rentals 5-2020

MANHATTAN Market-wide rental price trend indicators showed mixed results after the significant upward skew in price trends during the prior month. The average rental price declined by 1.8% to $4,144 for the first annual drop in twelve months, while the median rental price edged up 1.3% to $3,546 from the same period last year. All luxury rental price trend…

BROOKLYN Market-wide rental price trend indicators showed mixed year over year results as new leasing activity plummeted year over year. Median rental price rose year over year by 3.4% to $2,999 but was an 8% drop from the prior month record as the market pressure to open upexpanded. The average rental price per square foot declined 1.8% year…

NW QUEENS The number of new leases fell 60.7% year over year to 149 for the second-largest decline in over seven years of record keeping. The new leasing activity represented an estimated onethird of total leasing activity, and renewals represented the remaining balance, with non– public-facing trends, but likely were much of the price discovery was occurring. Median…

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