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Elliman Report: Manhattan, Brooklyn & Queens Rentals 9-2015

MANHATTAN For the nineteenth consecutive month, median rent increased from the same period a year ago to the second highest level ever recorded and the highest point in more than five years. A robust city economy, record employment gains and tight credit conditions helped spur additional rental price growth. Median rental price increased 5.4% to $3,437 from the same period last year…

BROOKLYN Brooklyn rental price indicators continued to move higher on a year-over-year basis. Median rental price increased from the same period last year but fell short of the records set in the prior three months. Median rental price increased 7.7% to $2,953 from the same period a year ago. Following the same pattern, average rental price rose 7.4% to $3,275 and rental price per square foot increased 17% to $43.61 respectively over the same period…

QUEENS A surge in the overall price trend indicators returned to the northwest region of Queens. Price volatility caused by the varying mix of new development introduced to the market continued. Median rental price jumped 18.4% to $2,954 from the same period a year ago. Average rental price and rental price per square foot followed the same pattern…

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