08/12/2021
And here’s the rental market scoop:
Heavy new leasing volume in Manhattan continued as price trends continued to climb towards pre-COVID levels. The number of new lease signings for July was the highest on record since tracking began in 2008. Listing inventory declined year over year for the first time in fifteen months. Net effective median rent slipped annually by its lowest rate since June of 2020 and doorman median rent rose year over year for the first time since May 2020. New development median rent expanded annually as existing median rent continued to decline. The studio market showed the largest annual decline in median rent while three or more bedrooms showed the only gain. All price trend indicators for the at or above $10 thousand threshold saw no annual declines. The West Side was the only one of the four main regions not to see an annual decline in the median rent.
The number of new leases signed in Brooklyn remained high as the market continued to tighten. New leases signings were the highest for a July since 2008. This was the thirteenth consecutive month of year over year declines in net effective median rent but the rate is easing.
In Northwest Queens, rental price trends rose annually as reliance on concessions edged lower. The highest number of new leases were signed for July in more than a decade. Net effective median rent rose annually for the first time since April of 2020. The amount of landlord concessions has fallen by nearly a third since peaking last January.
