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Manhattan Sees Decline in Residential Rent Prices While Queens Soars

By Ben Fractenberg | August 10, 2017 2:13pm
 Manhattan saw its largely yearly decline in net effective rent, which is the price after a landlord concession, the report said.
Manhattan saw its largely yearly decline in net effective rent, which is the price after a landlord concession, the report said.
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DNAinfo/Shaye Weaver

MIDTOWN — Manhattan saw its largest yearly decline in median "net effective" residential rents in three-and-a half years last month, while average rents in northwest Queens shot up more than 8 percent compared with the same period in 2016, according to a survey released Thursday by Douglas Elliman Real Estate.

Net effective rent is the price after a landlord concession — such as a free month's stay — so it tends to be lower than the average price of listings.

Overall, the median rental price in Manhattan remained unchanged compared with 2016 at $3,450, while the per-square-foot average slipped slightly, down 0.2 percent, to $66.28, the report showed. The slide was driven mainly by a price decline in luxury doorman buildings.

The median rental price in northwest Queens was $2,998, which was $203 more than Brooklyn’s median rent. Rental price per square foot saw the largest increase, up more than 10 percent to $52.47.

Brooklyn also saw a small decline in the median rental price compared with 2016, with prices down slightly more than 1 percent to $2,795.

This was also the third consecutive month that Brooklyn saw declines in net effective rent, according to the report, which was driven in part by a doubling of landlord concessions compared with 2016.  

The sales price of homes in Brooklyn and Queens has also been skyrocketing, with Brooklyn's median price at $795,000 and Queens at $510,000, a July report showed.