There were 4,494 New Lease Signings in Manhattan in the month of April -50.5% compared to the same period last year, but that was due to the distortion of surging inbound activity last year as the market woke up post pandemic.

Bidding Wars accounted for more than one in five new lease signings, with a 21.3% market share and a 10.7% average premium above the landlord’s last asking price.

The Median Rental Price was $3,925, up +31.9% from April 2021, while Net Effective Median Rent, the face rent, less landlord concessions surged year over year by a record rate of +38.7% to $3,870, this is a new high mark.

The Average per Square Foot Rent was $77,94, up +25% from the same period of last year, while the Average Rental Price gained a little more than +32% from 12 months ago at $4,822.

The Vacancy Rate fell to 1.55%, down significantly from the 11.60% in the year-ago previous April, remaining under two percent for the fifth consecutive month.

The Days on Market, at 68, were 29 less than a year ago but just 7 more from the previous month. The Listing Inventory is down by -77.3% year over year with 4,709 properties on the market.

These trends in the rental market are starting to make the sales market more and more appealing…

After all, why would you keep paying your landlord’s mortgage? 

(data source: millersamuel.com)