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Elliman Report: Manhattan, Brooklyn & Queens Rentals 6-2015

MANHATTAN Manhattan median rental price continued to grind higher in response to a strengthening local economy and tight credit conditions. The core price indicator rose 2.1% to $3,369 from the same period last year, up for the sixteenth consecutive month. Average rental price slipped 1.8% to $4,007 over the same period, but remained above the $4,000 threshold for the fifth consecutive month. Rental price gains were concentrated in lower priced apartments…

BROOKLYN All rental price indicators for the Brooklyn market moved higher than prior year levels for the third consecutive month. Median rental price increased 5.9% to $2,964 from the same month last year to the highest recorded level since January 2008, when the metric was first tracked for this report. Average rental price was $3,252, up 2.4% year-over-year to the third highest level reached since 2008…

QUEENS The northwest region Queens showed weaker results as the overall price indicators moved lower. Median rental price fell 10.7% to $2,528 from the same month last year. Average rental price slipped 5.1% to $2,749 and rental price per square foot fell 12.1% respectively over the same period. The results were mixed across apartments sizes..

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