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New leases fell annually for the second straight month after twelve months of gains. In Northwest Queens net effective median rent rose to the second-highest on a record high as landlord concession market share fell to a six-year low. Bidding war market share was nearly one in four new leases for the second straight month. Landlord concession market share fell to its second-lowest level in four and a half years. The net effective median rent in Brooklyn reached a new high as landlord concession market share fell to a five-year low. Luxury price trend indicators all rose to the second-highest on record while their share of one-year leases rose to a new high, exceeding half of all new leases. Doorman's net effective median rent reached a new high for the fifth consecutive month. The median rent in Manhattan reached the $4,000 threshold for the first time as lease signings continue to rise. New leases expanded year over year for the third straight month while the vacancy rate remained under two percent for the sixth consecutive month. While new lease signings fell annually, they were higher than the same period three years ago pre-pandemic. In Northwest Queens rental prices remained elevated as the market share of landlord concessions continued to fall. Net effective median rent and median rent reached their second-highest levels on record. The net effective median rent in Brooklyn reached a new high for the second straight month as landlord concession continued to fall. Bidding war market share occurred in more than one out of five leases for the fourth consecutive month. The luxury market share of bidding wars exceeded the non-luxury market share of bidding wars for the fourth straight month.

Doorman's net effective median rose to a record as landlord concessions fell to a new low. Luxury net effective median rent rose to a new high as landlord concessions fell to a new low. The average rent in Manhattan reached the $5,000 threshold for the first time as the vacancy rate remained under 2 percent. New leases expanded month over month for the fifth consecutive time.