MANHATTAN After the decline in median rental price last
March that followed two years of annual
increases, the metric has shown modest gains
during the three subsequent months. Median
rental price rose 2.2% to $3,444 from the
same period a year ago, the second highest
monthly median rent in at least 8 years. After
considering rent concessions, the net effective
median rent was $3.413, up 1.9% from the prior
year…

BROOKLYN For the sixth consecutive month, Brooklyn
median rent moved higher. Median rental price
was $2,880, up 2.9% from the same period a
year ago. Average rental price showed a similar
pattern, rising 4% to $3,218 over the same
period. Luxury median rental price, representing
the top 10% of the Brooklyn market, increased
6.8% to $5,729, outpacing the increase in the
overall market. The luxury market threshold
began at $4,700 during June. The number
of new leases jumped 21.2% to 1,063 while
inventory surged 33.4% respectively from the
same month last year…

QUEENS (NW) Rents continued to rise in Northwest Queens,
which includes the neighborhoods of Long
Island City, Astoria, Sunnyside and Woodside.
Median rental price was $2,787, up 10.2% from
the same month last year. Average rental price
moved 7.6% higher to $2,957 over the same
period. The 1-bedroom market was the most
active with the largest gain in market share and
rise in median sales price. The market share of
new 1-bedroom leases grew 10.1% to 56.1%
and the median rental price of 1-bedrooms
jumped 31.1% to $2,986 respectively from the same month a year ago…