After a summer of record-breaking median apartment rental prices, which topped out in August at $4,400, Manhattan rents finally receded from the peak in September as the vacancy rate expanded and new lease signings declined.

The median rental price in Manhattan declined by 2% in September to $4,350, while the vacancy rate jumped to 3.07% from the 2.42% recorded in August and new lease signings dropped more than 12% to 4,405 from the previous month's total of 5,025, according to a new Elliman Report.

It's too early to declare a trend, especially when you consider that the September benchmark is still the third highest median rent in history and more than 24% higher than pre-pandemic levels, but the market does appear to be softening.