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Elliman Report: Manhattan, Brooklyn & Queens Rentals 8-2016

MANHATTAN Manhattan rental price growth has showed a bumpy but generally stable trend for each month in 2016 on a year over year basis. Median rental price was $3,399 in August, essentially unchanged from the same period a year ago. The market share of concessions was 12.1%, up from 7.4% a year ago. When considering concessions, the net effective median rent slipped 0.5% to $3,359 from the year ago period…

BROOKLYN For the second consecutive month in 2016, the Brooklyn median rental price declined from the same period a year ago. Median rent declined 1.9% to $2,895. Average rental price followed the same pattern declining 1.5% to $3,219 over the same period. The number of new leases jumped 35.8% to a record 1,495…

QUEENS The Northwest Queens rental market, including Long Island City, Astoria, Sunnyside and Woodside, showed gains across all price trend indicators. Median rental price was $2,895, up 5.3% from the same period a year ago and was identical to the Brooklyn median rent this month…

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