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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 up’ expanded. 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 one– third 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…
