The Manhattan rental market surged during March: Rents were down across the borough, and lease signings jumped by an average of 220% over 2021.

The Corcoran Group recently released its Manhattan Rental Market Analysis for March 2021. Among the key findings:

Apartment seekers continue to take advantage of lower rents to upgrade to larger space, move to a building offering full amenities and services, or relocate to a new, more convenient neighborhood. 

  • The average rent in a doorman building was $4,229 in March, down 13% vs. March 2020.  For non-doorman buildings, the average rent was $2,935 – a 19% decline.
  • 7,287 Manhattan leases were signed in March, a 220% increase from March 2020. 
  • In fact, there has been more activity in doorman buildings, than non-doorman.  Marking a 249% increase year-over-year, the 3,973 leases signed in doorman buildings outpaces the 3,314 signed for buildings without this amenity.

 

Driven by significant declines in average rents across the city, leasing activity surged across all neighborhoods. 

  • With rents down year-over-year by 27%, SoHo/TriBeCa tied with Murray Hill/Kips Bay as the neighborhood with the steepest price declines.  SoHo/TriBeCa also experienced the largest jump in new leases signed, with activity increasing a substantial 486%. 
  • As a result of this strong leasing activity, the overall Manhattan vacancy rate is slowly creeping down.   At 3.85%, March 2021’s vacancy rate marks the first time in nine months the rate was below 4%.

 

Read the full Manhattan rental report.

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Times Square, by Luca Bravo, courtesy of Unsplash. Click photo for profile.
Times Square, by Luca Bravo, courtesy of Unsplash. Click photo for profile.

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