After falling 6% month-over-month in October, Manhattan’s median rent remained unchanged in November, plateauing at $4,200 per month. Disappointed in the lack of further rent relief, many of the borough’s renters responded by staying put. This is evidenced by the 32% decline in lease activity when compared to October, a steeper drop than usual. However, the number of lease signings remain 20% higher than they were at this point last year. In Brooklyn, the median rent fell to $3,500 in November, the lowest price seen since June. The number of signed leases reported rose by 10% year-over-year, while the decline of 23% versus October was in line with market seasonality.
MANHATTAN
Rents
- November 2022’s overall median Manhattan rent of $4,200 was unchanged from October, but remains 24% higher when compared to last year.
- When compared to October, median rent dipped 3% for doorman buildings but was unchanged for non-doorman product.
Listings/Vacancy
- In November 2022, there were 6,225 active listings across Manhattan, down 1% from October but up 36% year-over-year. Available inventory has remained steady throughout the late fall season.
- The average Manhattan apartment took 98 days to find a tenant in November, 7% longer than in October and a 20% rise year-over-year. With rents remaining comparatively high and considerable inventory available, days-on-market reached its highest level in nearly two years.
- Remaining steady at 2.26%, November’s Manhattan vacancy rate was unchanged from October. This marks the sixth consecutive month where the vacancy rate was above 2%.
- Once again, the vacancy rate increased year-over-year across all Manhattan neighborhoods. Midtown East had the highest vacancy rate in November (at 2.93%), while vacancy was lowest in SoHo/Tribeca (at 1.47%).
Leasing Activity
- With 3,347 new leases signed, November 2022 leasing activity rose 20% annually – but fell 32% from October. This November’s signed lease figure is also lower than both November 2020 and 2019.
BROOKLYN
Rents
- In November 2022, Brooklyn’s median rent fell to $3,500 — down 3% from October but up 21% year-over-year. Since peaking in August, the borough’s rents have decreased for three consecutive months.
- While rent growth is still occurring year-over-year, the 21% annual gain in November was the smallest increase seen in the past nine months.
Listings
- There were 3,332 active listings available in Brooklyn during November 2022, a 2% decline from October but an 11% rise when compared to last year.
- As was the case in Manhattan, the average Brooklyn rental spent 98 days on the market — 27% more days than in October and 21% more than last November.
Leasing Activity
- At 1,066, the number of leases signed in November 2022 dropped 23% when compared to October but was up 10% year-over-year. The decline in leasing from October to November is typical for the season.