September’s vacancy rate was the highest it’s been all year, hitting 2.6 percent in Manhattan (source: Douglas Elliman monthly report). The median net effective rent slipped slightly to $3,334, while the share of new leases with concessions hit 27 percent, up from 15 percent last year.

In Brooklyn, the net effective median rent fell by 6 percent to hit $2,757 in September — representing the largest drop since March 2015. Meanwhile in Queens, the median net effective price hit $2,717 and leases with concessions made up 43 percent of the market, a figure that is impacted by the fact that 38 percent of the rentals on the market are new development.

With the market drifting lower, the next tool for landlords is going to be price cutting along with perks since concessions alone aren’t working. This means, renters will have a lot of options to sort through.