November 9, 2017 - Rava Realty

Rental perks are no longer stopping the fall of rents

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September’s vacancy rate was the highest it’s been all year, hitting 2.6 percent in Manhattan (source: Douglas Elliman monthly report). The median net effective rent slipped slightly to $3,334, while the share of new leases with concessions hit 27 percent, up from 15 percent last year.

In Brooklyn, the net effective median rent fell by 6 percent to hit $2,757 in September — representing the largest drop since March 2015. Meanwhile in Queens, the median net effective ...

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Demand for Queens and Brooklyn homes outpace supply

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Third quarter of 2017 saw residential prices go up to new heights for homes in Brooklyn and Queens. In Brooklyn, median sale price went up to $790,000, which is $5000 below the record price hit in the borough last quarter (source: Miller Samuel quarterly report).

This indicates that the market has not yet reached its peak and is on the cusp of seeing average sales price break the $1 million threshold — $981,623 was the average sales price in Q3. Brooklyn ...

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