That didn’t last long: concessions in Queens are going back up

Amount of deals with concessions in the borough rose after dropping for two consecutive months

New York /
Oct.October 11, 2018 07:00 AM

Long Island City (Credit: iStock)

After a two-month break, concessions in Northwest Queens are on the rise once again.

The market share of concessions in the borough had dropped for two months in a row in July and August, but it was back up in September, according to the latest report from Douglas Elliman.

The amount of deals with concessions in the area rose from 42.8 percent to 55.6 percent year over year, while the size of the concession went up from 1.1 months to 1.4 months.

Despite the concession increase, net effective median rents still rose by 2.6 percent to hit $2,788. The number of new leases in Queens rose for the third month in a row, hitting 313 for a 13.4 percent year-over-year increase, and units spent 23 days on the market, down 23.3 percent from last September.

Listing inventory in Northwest Queens dropped 15.5 percent to 436.

In Brooklyn, the market share of concessions continued to rise year over year for the 32nd month in a row. It hit 43.1 percent in September, up from 20.3 percent a year ago. The size of concessions went up slightly as well, going from 1.3 months to 1.4 months.

Net effective median rent in the borough dropped for the ninth time in the past 10 months, but the drop was just 0.5 percent to hit $2,744. The number of new leases also dropped, hitting 1,189 for a 0.7 percent decline, and the listing inventory dropped 23.8 percent to hit 1,880.

Listings in Brooklyn spent an average of 26 days on the market, down from 41 this time last year.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
(Getty)
Nearly half of home sellers overpaid their broker fees in 2020
Nearly half of home sellers overpaid their broker fees in 2020
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
Gannett to move its NYC office two blocks north
Gannett to move its NYC office two blocks north
CBRE CEO Bob Sulentic. (CBRE, Getty)
CBRE’s 2020 earnings down 8%
CBRE’s 2020 earnings down 8%
January is the second consecutive month of increase in new home sales. (Getty)
Sales of new homes up 4.3% in January
Sales of new homes up 4.3% in January
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...