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Elliman Report: Manhattan, Brooklyn & Queens Rentals 7-2015

The median rental price of a Manhattan apartment increased year-over-year for the seventeenth consecutive month and at the second fastest rate during this period. Median rental price was $3,418, up 6.6% from the same month last year to the second highest level on record. Average rental price expanded a nominal 0.2% to $4,031 from the same period last year, reflecting the weakness of the luxury market and price strength of the entry-level market. Median rental price for the luxury market, the top 10% of all transactions, declined 6.8%, while studio and 1-bedroom median rental price rose 5.2% and 3.4% respectively over the same period…

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