Manhattan’s median rental price remained unchanged over the previous year at $3,399 in August, but posted a slight 1.5 percent decline from the price seen in July, according to a new market report released today by New York brokerage Douglas Elliman.
The number of leases for the month saw a nearly 6 percent month-over-month increase to 6,285. Leases also rose 1.8 percent year-over-year.
Landlord concessions on new leases in Manhattan rose to just over 12 percent in August, up sharply year-over-year from 7.4 percent, and a month-over-month change of just over 1 percent.
Overall, “landlords relied more on concessions and seemed to be in sync with tenants on current market,” according to the report which included analysis from Miller Samuel Real Estate Appraisers & Consultants.
Listing inventory in Manhattan saw a huge year-over-year gain of nearly 40 percent, but saw a slight 2.6 percent month-over-month decrease.
Downtown Manhattan saw the largest bump in the number of new leases. Downtown recorded a 13.3 percent increase in new leases month-over-month — 2,851 new leases, the most new leases and largest increase seen in Manhattan in August, according to the Elliman data. This was also a sizeable 8.4 percent jump from last year.
Luxury rentals recorded the largest drop in average price in the Elliman report with a 2.4 percent year-over-year decrease to $9,843 from $10,090.
The vacancy rate in Manhattan dropped to 2.14 percent in August, down from the 2.49 percent reported the preceding month and 2.30 percent reported last year.
The number of days on the market rose to 39, an 8.3 percent gain from last year’s 36 days but unchanged from the previous month.
You can read the full August Elliman market report here.