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Reports And Guides

February - 2018 Manhattan, Brooklyn and Queens Rentals

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Report Summary



This month’s results were similar to the previous two months with record or near record landlord concessions across all three boroughs and declining net effective rents. The high volume of luxury new development continued to skew the mix so that some aggregate price trends moved even higher.


With new product continuing to enter the market, there is no expected short term change to these market conditions. 


Manhattan’s number of new development leases rose three times faster than those within existing projects and the first 90% of the market by price declined year over year.


IIn Brooklyn, new leases in new development rentals surged by more than 50% but outnumbered by existing rentals five to one. 


The northwest region of Queens saw luxury and new development median rent decline from year ago levels and new leases continued to surge as new inventory entered the market. 

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