New apartment lease signings in Manhattan surged to their highest total for February since the financial crisis. The monthly concession rental equivalent was the second-highest on record as rents fell sharply. Listing inventory has been trending lower since peaking in October but remained nearly triple year-ago levels. Existing rental price trend indicators fell at a higher year-over-year rate than for new development rentals. Doorman new lease signings continued to rise by more than twice the rate of non-doorman lease signings. Landlord concessions market share for the luxury market was nearly half that of the non-luxury market.
Brooklyn saw the highest number of new lease signings since tracking began during the financial crisis. The net effective median rent fell year over year at the highest rate in nearly a decade. Landlord concession market share remained high after peaking in November and declining since.
In Northwest Queens, new lease signings surged to the
