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Elliman Report: Manhattan, Brooklyn & Queens Rentals 7-2020
MANHATTAN With greater transparency entering the market as consumers and brokers could perform interior inspections, several metrics saw records broken. Net effective median rent, comprised of face rent less landlord concessions, declined 10.1% to $3,167, the most significant annual decline in almost nine years of record-keeping. Consistent with the decrease in…
BROOKLYN Although the market re-open just before the month began, price trends and new lease signings weakened. Net effective median rent, comprised of face rent less landlord concessions, declined 0.5% to $2,902, the first annual decline in twenty-one months. Median face rent was unchanged at $3,000 while the market share of landlord concessions…
NW QUEENS The number of new lease signings declined year over year for the twelfth straight month while median net effective rent declined at the highest amount in three and a half years. There were 159 new leases signed, down 59.5% from the same period last year. The market share of new development signed leases fell to a market share of 17%, the lowest in three…
