After retreating from last year's torrid rent growth, which set a record of $4,400 per month in the median price in August, apartment rents in Manhattan appear to be leveling off.
The median rent in Manhattan increased for the first time since August in December, rising to $4,050, 1.3% higher than November's level of $4,000 and almost identical to the median rent in December 2022, according to a new Elliman Report.
The number of new leases in Manhattan, which dropped by 29% in November to 3,368 from October's tally of 4,717, bounced back in December to 3,632, a 7.8% rebound.
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