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Elliman Report: Manhattan, Brooklyn & Queens Rentals 9-2017

MANHATTAN After reaching a record high in August, the number of new Manhattan leases fell year over year for the first time since February as the effectiveness of landlord concessions may have reached their limit. There were 4,684 new leases signed, down 10.7% from the same month a year ago. Although the market share of concessions was up sharply to 26.5% from 15.1% a year ago, their use has remained consistent throughout 2017 despite recent gains in the vacancy rate…

BROOKLYN Rental price trend indicators for Brooklyn moved lower as overall conditions continued to soften. Net effective median rent declined year over year for the fifth consecutive month. The September decline of 5.6% to $2,757 was the largest decrease since March of 2015. Like the other boroughs, the market share of landlord concessions has remained high but relatively stable for the past six months, despite the continued decline in face rents…

NW QUEENS Long Island City, Astoria, Sunnyside, and Woodside comprise the northwest rental market of Queens with 37.7% of the transactions this month are within new developments. As a result, the reliance on concessions has been higher than the other boroughs, rising to 42.8% from 11.7% in the same month last year. The market share within new development was 82.7% and 18% within existing rentals…

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