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 to 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% increase year-over-year in new leases.
The statistics from the report were cited by Bloomberg News.
“This is beyond seasonal,” Jonathan Miller, president of Miller Samuel, said.
“It’s not a weak market, but it’s weaker than the frenzy 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 $5,442 — down 2% from the $5,552 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.
