Manhattan’s luxury apartment listings, or the top 10 percent, recorded big drops in price both from the previous month and previous year in October. However, overall rental prices continued to edge up as inventory grew, according to a new market report by Manhattan brokerage Douglas Elliman.
Luxury rentals recorded a nearly 11 percent decline in median rental price, falling to $7,792 in October. This was also down just over 4 percent from the previous month.
In the entry level market, or bottom 30 percent of listings, the median rent rose 4 percent to $2,350 from last year. The median price was unchanged from the previous month.
The median Manhattan rental price in October increased 0.3 percent to $3,400 from the $3,391 median price recorded last year. But, October’s median was only barely up from the $3,396 recorded in September.
Meanwhile, the average Manhattan rental price in October rose just over 3 percent to $4,223 from the previous year. The average rental price increased 2.6 percent from September.
The number of new leases in October dropped just under 23 percent from September. October’s new leases were also nearly 4 percent below last year.
The share of new leases in Manhattan with landlord concessions jumped to just under 24 percent in October, a new record high, says Elliman. This was more than double last year’s 10.4 percent, and up from 15.1 percent seen in the previous month.
Listing inventory grew 22.7 percent in October from last year, but was slightly below September’s total.
The vacancy rate in Manhattan remained stable at 2.39 percent in October, mostly unchanged from both the previous month and last year.
Click here to view the entire report.