New leases in Manhattan reached their prior-year level as vacancy rates and listing inventory reached new records. Listing inventory set a fourteen-year record, more than tripling the year-ago total, but the monthly growth rate slowed significantly. The market share of landlord concessions reached a new record for the decade it has been tracked, and the amount of free rent tied a decade high this month. The vacancy rate exceeded five percent for the second month and was the fifth consecutive month with a new record. Landlord concession market share for luxury rentals was substantially less than the overall market.
In Brooklyn, new leases rose above year-ago levels as landlord concessions expanded. Listing inventory increased to a record high for the third straight month, and the number of new leases rose annually at their highest rate in fourteen months. Luxury median rental price showed a large increase while the market-wide median rent slipped from the same period last year.
In Northwest Queens, all rental price trend indicators decreased year over year since May under the COVID lockdown. Net effective median rent declined year over year for the fifth straight month, at the highest rate in more than two years. Listing inventory expanded year over year at the highest rate in nearly five years, and the market share of two-bedroom apartment rentals was the highest in almost four years.