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Elliman Report: Manhattan, Brooklyn & Queens Rentals 6-2019

MANHATTAN The rental housing market continued the trends that began at the start of the year with declining concessions and rising rents. One of the drivers of the change has been the weak sales market, but after a robust spring market for sales, the continued upward price pressure of rents is not assured. However, the June results of the rental market did…

BROOKLYN Aided by a weaker sales market, the three face rent indicators had risen year over year in unison since July 2018, before concession market share began to drift lower in January. The net effective median rent for June, face rent less free rent and broker commissions, jumped 5.9% to $2,914 from…

NW QUEENS All three rental price trend indicators rose year over year for the second straight month. Median net effective rent increased annually for the seventh time in eight months as the market share of landlord concessions continued to decline, especially within the new development market. The net effective…

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