There were 3,159 New Lease Signings in Manhattan in the month of January -49.5% from the same period last year, dipping below the decade average as listing inventory continued to collapse as prices reached record levels.

The Median Rental Price was $3,550, up +18.3% from the previous year, while the Net Effective Median Rent, the face rent, surged year over year by a record +23.3% to $3,467, the second-highest level reached in a January. This price trend indicator continued to be on par with the two years ago levels, before the pandemic, for the second straight month.

The Average per Square Foot Rent was $74,83, up +20% from the same period of last year, while the Average Rental Price gained almost +17% from 12 months ago at $4,570. Net Effective Average Rent and Net Effective Average Rent per Square Foot reached all-time highs.

The Vacancy Rate fell to 1.70%, down significantly from the 11.79% recorded in February 2021. An interesting data point comes from the Market Share of One-Year Leases, which fell to 45.9%, from the 77.6% record high in January as tenants continued to pivot towards longer leases in anticipation of higher prices in the future.

The Days on Market, at 61, were 13 more than a year ago but identical from the previous month. The Listing Inventory, down -83.3% year over year with 4,316 properties on the market, fell year over year at a record rate for the sixth straight month.