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Manhattan Rentals See Highest Rise in December: Douglas Elliman

Median rental prices in Manhattan increased to their highest level for a December month and the number of new leases fell as contrasting numbers were recently reported from the real estate market. The average rental price went up 0.6 percent monthly and 12.9 percent yearly to reach $4,440, and the more-widely monitored and reported median rental metric, including landlord concessions, increased 0.7 percent monthly and a significant 21.1 percent yearly to record $3,392 in December, according to a December report by real estate appraisers Douglas Elliman. “However, the market remains extremely polarized, with the net effective median rent for a doorman rental up 7.7 percent but down 6.6 percent for a non-doorman rental, respectively, compared to the same period two years ago,” said the report. Median rentals, without landlord concessions, went up 16.0 percent year-on-year, while vacancies reduced 9.25 percent. There was a decrease of 38.9 percent in new leases, …

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