There were 4,395 New Lease signings in Manhattan by the end of October -22.1% compared to Oct. 2020, falling to their lowest level in a year but the activity remained higher than the decade average for October due to post-pandemic recovery and prices rebound.

The Median Rental Price was $3,495, up +12.7% from the previous year, the same fate for the Net Effective Median Rent, which rose annually at the highest rate in a decade, increasing +17.9% year over year to $2,868 and yet a 0.8% below the same period two years ago before the pandemic, suggesting that the COVID discount for the overall market is nearly gone, or not quite, depending on the specific market niche.

As shown by these meaningful data: the Average Rental Price which went up +14.1% to $4,461, the Average per Square Foot Rent, at $70.62, up +15% from the last year, the percentage of apartments offered with some form of Concession, that was 31.5%, down -28.9% from the same period a year ago, and the Listing Discount which was 1.3%, down -3.6% from twelve months ago.

Other signs of recovery from last year and a return to a more normal rental activity were the Days on Market, at 63, yes, 30 more than a year ago (before the pandemic started), but –13,7% down from just a month ago. And Listing Inventory, down by -58.2% year over year with 11,794 properties on the market, but decreasing just a nominal -0.1% from September.