Miller Samuel released their analysis on the February rental market report.
MANHATTAN RENTAL MARKET HIGHLIGHTS
“Rental prices pressed higher as the use of concessions declined but remained elevated
Despite the eleventh year over year decline in concession market share, free rent reached its highest level in nearly two years
The ninth straight month where all three overall price trend indicators rose year over year
The number of new leases fell year over year for the seventh straight month as landlords were more successful at the time of renewal
The new development median rental price fell year over year for the first time in ten months
The net effective median rent rose annually for the fourteenth straight month
Luxury median rent declined annually for the first time in eleven months
Jonathan Miller goes on to say "At this point, it is too soon to see the impact from the New York Department of State guidance on the Statewide Security and Tenant Protection Act of 2019 and a subsequent temporary restraining order issued after real estate industry trade groups and firms filed a lawsuit to stop its execution. I do think that the coronavirus outbreak will have more of an impact on the future trajectory of the sales market than the rental market."