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January - 2020 Manhattan, Brooklyn and Queens Rentals

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Report Summary

In Manhattan, new leases continued to fall as landlords continued to be more successful at the time of lease renewal. The number of new leases fell year over year for the sixth straight month. Median rent for new development increased more year over year than existing rents in ten of the last twelve months. Luxury median rent hasn’t seen a year over year decline since last March.
In Brooklyn, net effective median rent rose annually for the fourteenth straight month and there has been thirteen months of consecutive declines in the market share of landlord concessions. This was the fifth time in six months the number of new leases declined as landlords were better able to retain tenants at renewal.
In Northwest Queens, there has been six straight months of year over year declines in new lease signings. The market share of new development reached its lowest level since the summer of 2018. Net effective median rent increased annually for the third time in four months. Concessions remained above the fifty percent market share threshold for the third straight month.

And while it is too soon to know the impact, if any, of last week’s New York Department of State guidance on the Statewide Security and Tenant Protection Act of 2019, or the subsequent temporary restraining order staying the guidance, we will be monitoring closely.

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