The median rent in Manhattan dropped year-over-year for the first time in 27 months, according to data from Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.
Last month, the median Manhattan rent was $4,000, down 4.6% from October and down 2.3% November 2022. The number of new leases signed was down by 29% from October but up by roughly 10% from one year earlier while the 2.93% vacancy rate marked the 14th consecutive month of increased vacancies.
But lest we forget, Manhattan’s median rents hit a record high of $4,400 in August.
“The consumer has reached an affordability threshold,” said Jonathan Miller, president and CEO of Miller Samuel. “There is only so much more they can pay. Sure rents have seen a 9% decline from the summer, but they are still more than 11% higher than pre-pandemic levels in November 2019.”
