Apartment Landlords Get First Break on Concessions in Years
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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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