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<\/a>Photo: Bosc d’Anjou\/Flickr<\/a><\/em><\/p>\nRental prices in New York City remain elevated, but growth is leveling off, according to Douglas Elliman Real Estate\u2019s January 2016 Market Report on Manhattan, Brooklyn and Queens.<\/p>\n
Trends across the three boroughs varied, with modest year-over-year growth in Manhattan and Brooklyn and a decline in Queens.<\/p>\n
Here\u2019s a look at how rental markets in each borough fared in January:<\/p>\n
Manhattan<\/strong><\/p>\n In Manhattan, the median rental price rose 1.5 percent year-over-year and rents increased for the 23rd consecutive month. The median price was $3,350, up from $3,299 in January 2015. Still, the rate of rental price growth has slowly been declining, with January marking the fifth month in a row in which the rate of median rental price growth fell.<\/p>\n Landlord concession rates are the highest they have been in five years, and Dottie Herman, President & CEO of Douglas Elliman says<\/a> this trend is playing out across all boroughs.<\/p>\n About 1.2 percent of leases were discounted this year and Manhattan is seeing its second highest vacancy rate in over nine years. The average rental price for luxury listings (top 10 percent) dropped 6.1 percent in January.<\/p>\n