In October, Manhattan rents decreased for the second consecutive month, indicating that the days of rising rents are coming to an end.
According to an appraisal firm Miller Samuel, the median rent was $4,195 last month, up just +4.6% from the same month last year and down -3.6% from September.
The yearly rise is the lowest since September 2021 and is insignificant compared to the +20/30% increases that were recorded throughout a large portion of 2022.
In the same manner, Brooklyn, where apartments typically rent for less, the price declines were more sharp: Brooklyn’s median rent settled at $3,490 in October, a -5.7% decline from September and a -0.2 % from the same month last in 2022. October marked the first time in two years that Brooklyn rents did not increase year-over-year.
The citywide slowdown mirrors the national trend.
