Overview
- New leases in Manhattan carried a $4,720 median in December, up about 9% year over year and just $30 below November’s record.
- Apartment listings fell roughly 16% from a year earlier, marking the sharpest annual drop since the August 2022 leasing surge.
- The usual holiday slowdown failed to materialize as competition stayed strong, with about one in five Manhattan leases signing above asking.
- Brooklyn’s median reached $3,850, roughly 10% higher than a year ago, while inventory and new leases declined and more than 30% rented above asking.
- Rents also climbed in northwest Queens, and Jonathan Miller cautioned that affordability is unlikely to improve soon given limited new supply.