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March - 2018 Manhattan, Brooklyn and Queens Rentals

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Report Summary

Manhattan's rental market had the largest year over year decline in net effective rent tracked in six and a half years. It was also the fourth consecutive monthly year over year decline in median face rent and the third highest recorded landlord concession market share in seven and a half years.
 
In Brooklyn, this was the fourth consecutive decline in year over year net effective median rent and fourth consecutive monthly record market share of landlord concessions. Two bedrooms were only category with rise in median face rent and market share. 
 
The northwest region of Queens had a new record market share set for landlord concessions.  It was the fourth consecutive month with year over year decline in net effective rent. Existing median rent stabilized as new development median rent slid.

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575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2018 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. CalBRE# 01947727