MANHATTAN For much of 2016, growth in median rent on a
year over year basis flirted with zero and this
month was no exception. The median rent of a
Manhattan apartment was $3,450, up 0.9% from
the same period last year. After factoring the
expanded use of landlord concessions, median
rent increased 0.5% over the same period. The
market share of concessions was 10.8%, more
than double the 5.3% share of the same period a
year ago…

BROOKLYN The year over year change in median rent
declined in July for the first time in 2016. Median
rent was $2,826, down 0.8% from the same
period a year ago. Average rental price edged
up 1.1% to $3,124 over the same period. The use
of concessions by landlords nearly doubled to a
9.5% share from the same period last year. As a
result, the net effective median rent slipped 1.2%
from the same period last year…

QUEENS Rents in Northwest Queens – comprised of the
neighborhoods of Long Island City, Astoria,
Sunnyside and Woodside – were softer this year
than last year as newly developed inventory
continued to enter the market. Median rent
declined 8.2% to $2,768 from the same month
a year ago. Average rental price declined 4.7%
to $2,909 over the same period. Median rent
moved lower across all unit sizes with bigger
declines in the larger sized apartments…