Manhattan rent prices fall year-over-year for first time since 2021 — but median prices still top $5K
Manhattan rent prices fell year-over-year last month for the 👍first time in more than two years, according t♊o the latest data.
The median price of new leases stood at $4,000 — a 4.6% decline compared to October and 2.3% lower than November of last year, according to a report jointly authored by Miller Samuel Inc. and Douglas Elliman Real Estate.
The average rental price of an apartment in Manhattan stood at $5,150 — which is down nearly 2% year-over-year.
The drop in rental prices likely accounts for the nearly 10% incr𒁃ease year-over-year in new leases.
The statistics from the report were
“This is beyond season🅷al,” 🦹Jonathan Miller, president of Miller Samuel, said.
“It’s not 𒐪a weak market, but it’s weaker than the frꩵenzy of the last couple of years.”
In October, the median price to rent an apartment in Manhattan fell to $4,350 — a $50 decline from the record-high of $4,400 in July and August.
The average price for a rental in September fell to $5ไ,442 — down 2% from the $5,552𒐪 in August
Over the last three🌜 months, rents have dipped 9.1% since hitting the record high this🍨 past summer.
Nonetheless, rents are still 11% higher than they were in November 2019 — just a few months before the onset of the coronavirus pandemic.
The city saw its vacancy rate rise for the💛 14th consecutive month to 2.93%.
Miller attributed the increased inventory to more listed apartments which came on the market after the city’s Airbnb regulations came into effect.
In Brooklyn, the median rental price rose 5.9% year-over-year last month to $3,495. There was also a nearly 11% increase in total inventory in Brooklyn last month compared to the✃ same period a year ago.
