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September - 2018 Manhattan, Brooklyn and Queens Rentals

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Report Summary

The market share of landlord concessions in the Manhattan rental market increased year over year for 40 consecutive months and yet the vacancy rate fell to the lowest level for a September in nine years. 


Brooklyn rental prices skewed higher as new development prices rose faster than existing rentals.  However, after concessions, net effective median rent slipped for the ninth time in the past ten months. 


The number of new leases in Northwest Queens surged for the third consecutive month.  Median face rent did not show a year over year decline over the same period as new development skewed prices higher. 

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