The median apartment rental price in Manhattan slipped slightly in September, marking its second decrease in 2016. And while there nearly twice as many new leases in September as there were last year, the number of landlord concessions was up sharply from 2015.
According to a new market report by New York brokerage Douglas Elliman, the median rental price in Manhattan declined 1.2 percent decline year-over-year to $3,396. However, it was little changed from the previous month.
The average Manhattan rental price rose to $4,117 in September. This was up just over 2 percent from August, when it was $4,033. September’s average price was 0.8 percent higher than same time last year.
Median price is a better indicator of the market than the average price when studied over a period of time and compared to previous months. For example, declining median price might indicate a softening or cooling in the market.
The number of new leases signed in September was 5,243, more than twice as many as were signed in September 2015. However, the September figure was down from August’s 6,285 new leases.
Manhattan’s rental inventory was up nearly 35 percent year-over-year to 7,392 in September. However, September’s new listings was slightly less than the 7,478 new listings recorded the previous month.
Manhattan rentals spent 44 days on the market from the original listing date in September, longer than the 39 days recorded both in the previous month and September 2015.
Manhattan’s luxury market, that is the top 10 percent of the market, recorded month-over-month gains in both the average and median price in September. The top, middle and bottom of the market, however, recorded very sight declines from August — from 0.1 percent at the top, to 0.4 percent declines in both the middle and bottom of the market.
The average luxury monthly rental price increased to $10,476 in September. This was 6.4 percent higher than the previous month. September’s luxury rental price was also 2.6 percent higher than for the same month in 2015.
The median luxury price increased 3.3 percent in September to $8,121 from August. However, this was down 2.8 percent from last year.
To view the entire September Douglas Elliman market report, click here.