NYC Rents Retreat From Record Highs as Market Starts to Cool
Prices in Manhattan, Brooklyn and parts of Queens eased in October, but aren’t expected to return to pre-Covid levels anytime soon.
Residential apartment buildings in New York City.
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Rents in Manhattan, Brooklyn and part of Queens fell in October as the New York City apartment market continued to soften from record highs reached during the summer.
The median rent on new Manhattan leases signed last month was $4,195, down 3.6% from September, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Rents peaked in July and August at $4,400.