What’s going on in the Manhattan rental Market? Let’s take a look at the October data…

After months of price declines, people are moving back to the city. The number of new leases is finally on the rise surging to the highest October peak in twelve years.

The Number of New Leases surged 33.2% to 5,641 from October 2019, representing the first increase in 14 months.

The Median Rental Price was $3,100, down -11.4% from the previous year while the Net Effective Median Rent decreased -15.9% year over year to$2,868, the lowest level in nine and a half years.

The percentage of apartments offered with some form of Concession surged to a record 60.4% from 36.9%, and the average amount of a concessionreached a record 2.1 months from 1.2 months, respectively, from the same period last year.

The Average Rental Price went down -8.8% to 3,910 and the Average per Square Foot Rent was down -11.6% to $61.38.

The Listing Inventory kept rising to 16,145 properties on the market up by 218.4%, reaching a fourteen-year high.

The Vacancy Rate set a new record for the sixth consecutive month by reaching 6.14%.

(source: millersamuel.com)