![Jonathan Miller](https://images.globest.com/cdn-cgi/image/format=auto,fit=contain/https:http://images.globest.com/contrib/content/uploads/sites/409/2017/12/Jonathan-Miller-resized.jpg)
NEW YORK CITY—In November 2017, landlord concessions including paying broker commissions and offering free rent were the unmistakeable trend. In Manhattan, the market share of landlord concessions rose to 29.6%, the second highest on record, topped only in January 2017 when it hit 30.9%.
In Brooklyn, 18.6% of new leases came with concessions, and in Queens the figure was 44.5%. Elliman has tracked this data since October 2010.
Jonathan Miller, president and CEO of Miller Samuel, a real estate appraisal and consulting firm, prepared Douglas Elliman's “Manhattan, Brooklyn & Queens Rentals November 2017″ report. He tells GlobeSt.com, “With concessions high but stable, landlords will have to be more willing to reduce their rents or vacancies will rise.”
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