Manhattan Rentals 7.6% Prices Median Rental Price 2.33% Vacancy Vacancy Rate 23.4% New Leases Excludes Renewals 16.1% Market Share OP + Concessions 2 days Marketing Time Days on Market 1.6% Negotiability Listing Discount • The largest year over year decline in net effective median rent in nearly nine years of tracking • The most listing inventory and the third straight month to see a new record vacancy in fourteen years of recording • The largest market share of landlord concessions in two and a half years - + -+ + + Dashboard YEAR-OVER-YEAR Report July 2020 Manhattan, Brooklyn and Queens Rentals Prepared by Miller Samuel Real Estate Appraisers & Consultants Manhattan Rentals Matrix JUL-20 % ∆ ( MO ) JUN-20 % ∆ ( YR ) JUL-19 Average Rental Price $4,031 0.0% $4,032 -6.1% $4,292 Rental Price Per Sq Ft $64.39 -0.9% $65.00 -8.0% $70.01 Median Rental Price $3,320 -1.7% $3,378 -7.6% $3,595 Number of New Leases 4,949 56.1% 3,171 -23.4% 6,460 Days on Market (From Last List Date) 28 3.7% 27 7.7% 26 Listing Discount (From Last List Price) 2.5% 2.0% 0.9% Listing Inventory 13,117 21.6% 10,789 121.9% 5,912 Vacancy Rate 4.33% 3.67% 2.00% Manhattan Rentals With Concessions JUL-20 % ∆ ( MO ) JUN-20 % ∆ ( YR ) JUL-19 Median Rental Price $3,167 -2.3% $3,242 -10.1% $3,521 Market Share of New Leases (with OP + Concessions %) 46.7% 44.7% 30.6% Free Rent/Owner Paid (Mos) 1.7 13.3% 1.5 54.5% 1.1 With greater transparency entering the market as consumers and brokers could perform interior inspections, several metrics saw records broken. Net effective median rent, comprised of face rent less landlord concessions, declined 10.1% to $3,167, the most significant annual decline in almost nine years of record-keeping. Consistent with the decrease in rental prices, there was a record amount of listing inventory, a rise in landlord concessions, and the vacancy rate jumped for the third consecutive month to a With the lifting of some of the ‘shelter-in-place’ restrictions, new leasing activity surged month over month but still fell well short of year-ago levels. Manhattan Rentals Matrix By Size JUL-20 % ∆ ( MO ) JUN-20 % ∆ ( YR ) JUL-19 Studio Average Rental Price $2,668 -1.4% $2,705 -7.6% $2,889 Rental Price Per Sq Ft $65.40 -3.2% $67.59 -11.1% $73.60 Median Rental Price $2,500 -3.8% $2,600 -7.4% $2,700 Number of New Leases 1,092 62.7% 671 -22.6% 1,411 1–Bedroom Average Rental Price $3,498 0.8% $3,469 -4.0% $3,644 Rental Price Per Sq Ft $64.41 0.4% $64.15 -4.0% $67.12 Median Rental Price $3,350 0.0% $3,350 -6.8% $3,595 Number of New Leases 1,924 45.4% 1,323 -23.6% 2,517 2–Bedroom Average Rental Price $4,620 -2.9% $4,756 -6.3% $4,930 Rental Price Per Sq Ft $61.16 -3.5% $63.37 -9.7% $67.71 Median Rental Price $4,185 -4.8% $4,395 1.0% $4,144 Number of New Leases 1,293 59.6% 810 -24.1% 1,703 3–Bedroom Average Rental Price $6,764 -1.8% $6,886 -7.7% $7,332 Rental Price Per Sq Ft $68.18 1.0% $67.52 -9.7% $75.52 Median Rental Price $5,175 -2.7% $5,317 -3.3% $5,350 Number of New Leases 640 74.4% 367 -22.8% 829 

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