February 19, 2019
Market share of landlord concessions on new leases in Manhattan fell for the first time in 43 months, Miller Samuel’s Jonathan Miller reported. For Brooklyn, the Y-O-Y decline in January came after 35 consecutive months of increases.
In Northwest Queens, including Long Island City, it was a different story. Concessions continued their Y-O-Y climb during January, according to Miller’s latest report. Over the past year, they have increased 7.2% in this market.
All three boroughs, though, have experienced Y-O-Y increases in net effective median rents. Manhattan’s Y-O-Y increase of 5.7% was the steepest the borough has seen in three and a half years.
Driven by increasing market share of new developments, Northwest Queens’ net effective median rents increased even more, up 7.5% Y-O-Y. Brooklyn’s Y-O-Y growth in net effective median rents was comparatively modest at 2.7%.
The story was similar for median rent growth not including concessions, according to Miller.
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