Figure reec ts leases reported signed within the month by any agency in Manhattan via RLS and may include furnished and/or short term rentals. Not all leases that are signed are publicly reported.
Price gures based on last asking prices for leases reported signed but actual rents may be lower. Figure reects units actively listed as of the last day of the report month. Visible vacancy is a
proprietary index reec ting a representative sample of proper ties throughout Manhattan in order for a known supply gure to be utilized when calculating unoccupied units. Real vacancy is unknown
as not all vacant units are pu blicly lis ted. Only reect s unit s that were liste d for more than one day and less than 1,0 0 days prior to being marked as leas ed. All material herein is intended for information
purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without
notice. This is not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by Anywhere Real Estate Inc.
Leases Signed
June 2024: Renters Push-Back on Record Rents - Slowest June Since 2020
The number of reported signed leases decreased 15% annually to fewer than 4,800 leases, the lowest June level since 2020. Leasing activity has declined
annually for eight of the nine last months. With relentless price increases in the market, a larger portion of Manhattan’s renters have decided to stay put.
SIGNED LEASES
NUMBER OF LEASE SIGNED
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
The reported signed lease gure tumbled 15% annually and 14%
compared with May, falling to its lowest June gure since 2020.
Both doorman and non-doorman activity declined with non-
doorman activity experiencing its largest annual decline in eight
months.
4,782
-15% VS.
JUNE 2023
-14% VS.
MAY 2024
Rent Rates
Average Rent by Bedroom
Doorman
Non-Doorman
3,033
1,749
-10%
-23%
YoY
YoY
Median rent climbed 4% both annually and monthly, setting a
new record. Average rent, which neared a record $5,800, was
skewed up by a nearly four-year high market share of three
bedroom leases.
Median
Doorman
Non-Doorman
$5,000
$3,850
-1%
4%
YoY
YoY
Average rent increased year-over-year for all unit types except
for three bedrooms, which helped promote the increased lease
activity of that unit type. Average rent for studio apartments
increased 8%, the most signicant increase of all unit types. Both
studios and one bedrooms reached new average rent records.
Studios
One Bedrooms
Two Bedrooms
Three Bedrooms
$3,604
$4,809
$6,912
$9,798
8%
6%
5%
-2%
YoY
YoY
YoY
YoY
MEDIAN RENT
MEDIAN RENT
$5,450
$5,200
$4,950
$4,700
$4,450
$4,200
$3,950
$3,700
$3,450
$3,200
$2,950
$2,700
$2,450
$2,200
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
April 24
May 24
Jun 24
AVERAGE RENT BY BEDROOM
AVERAGE RENT
$12,000
$11,000
$10,000
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
April 24
May 24
Jun 24
The Corcoran Report
JUNE 2024 | MANHATTAN | RENTAL MARKET
Doorman
Non-Doorman
Average
Doorman
Non-Doorman
$6,373
$4,766
-1%
4%
YoY
YoY
Doorman
Non-Doorman
1
$4,667
4% VS.
JUNE 2023
4% VS.
MAY 2024
Median shown
One Bedrooms StudiosTwo BedroomsThree Bedrooms
Market Wide
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
April 24
May 24
Jun 24
Figure reects leases reported signed within the month by any agency in Manhattan via RLS and may include furnished and/or short term rentals. Not all leases that are signed are ublicly reported.
Price gures based on last asking prices for leases reported signed but actual rents may be lower. Figure reects units actively listed as of the last day of the report month. Visible vacancy is a
proprietary index reec ting a representative sample of proper ties throughout Manhattan in order for a known supply gure to be utilized when calculating unoccupied units. Real vacancy is unknown
as not all vacant units are pu blicly lis ted. Only reect s unit s that were liste d for more than one day and less than 1,0 0 d ays prior to bei ng marked as leas ed. All material herein is intended for informat ion
purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without
notice. This is not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by Anywhere Real Estate Inc.
Active Listings
The Corcoran Report
JUNE 2024 | MANHATTAN | RENTAL MARKET
Active listings increased by 16% compared to a year ago and 5%
compared to May. However, this was below the typical gain in
June listings versus May (9%) as many renters opt to renew rather
than apartment hunt in a high-priced market.
8,120
Visible Vacancy
2.14%
-0.5% VS.
JUNE 2023
0.13% VS.
MAY 2024
Visible vacancy declined by 0.5% versus a year ago, which
was the largest annual decline in two years. At 2.14%, this was
the second lowest June gure in ve years. This is the fourth
consecutive month that visible vacancy has declined annually.
VISIBLE VACANCY
PERCENT VACANT
6%
5%
4%
3%
2%
1%
0%
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
April 24
May 24
Jun 24
LISTED INVENTORY
NUMBER OF ACTIVE LISTINGS
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
April 24
May 24
Jun 24
16% VS.
JUNE 2023
5% VS.
MAY 2024
Days on Market
32
-56% VS.
JUNE 2023
-26% VS.
MAY 2024
As typical with the June market, days on market declined
compared with May. For those renters that were out looking to
sign a new lease, they signed in a record 32 days on average,
56% faster than a year ago and 11 days quicker than last month.
DAYS ON MARKET
AVERAGE DAYS ON MARKET
140
120
100
80
60
40
20
0
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
April 24
May 24
Jun 24
Doorman
Non-Doorman
32
32
-58%
-50%
YoY
YoY
Doorman
Non-Doorman
Feb 2024 Mar 2024 Apr 2024 May 2024
6,9807,0137,769
Feb 2024 Mar 2024 Apr 2024 May 2024
2.02%2.00%
2.29% 2.01%
2
7,707
Figure reects leases reported signed within the month by any agency in Manhattan via RLS and may include furnished and/or short term rentals. Not all leases that are signed are ublicly reported.
Price gures based on last asking prices for leases reported signed but actual rents may be lower. Figure reects units actively listed as of the last day of the report month. Visible vacancy is a
proprietary index reec ting a representative sample of proper ties throughout Manhattan in order for a known supply gure to be utilized when calculating unoccupied units. Real vacancy is unknown
as not all vacant units are pu blicly lis ted. Only reect s unit s that were liste d for more than one day and less than 1,0 0 d ays prior to bei ng marked as leas ed. All material herein is intended for informat ion
purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without
notice. This is not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by Anywhere Real Estate Inc.
The Corcoran Report
JUNE 2024 | MANHATTAN | RENTAL MARKET
June 2024: Financial District / Battery Park City was the only neighborhood to report an annual increase in lease activity due to recent rental
introductions in the neighborhood. Average rent increase annually in more than half of Manhattan’s neighborhoods. East Village / Lower East
Side reached a new record for average rent.
Leases Signed by Neighborhood
June 2024 June 2023 YoY
Upper East Side
652 871 -25%
Upper West Side
665 667 -0.30%
Midtown East
268 313 -14%
Midtown West
487 616 -21%
Murray Hill / Kips Bay
396 444 -11%
Chelsea / Flatiron
561 596 -6%
Gramercy
109 155 -30%
Greenwich Village / West Village
239 318 -25%
East Village / Lower East Side
414 489 -15%
SoHo / TriBeCa
168 280 -40%
Financial District / Battery Park City
393 386 2%
Harlem / Morningside Heights
363 399 -9%
Inwood / Washington Heights
67 121 -45%
ANNUAL CHANGE IN LEASES SIGNED
Upper East Side
Upper West Side
Midtown East
Midtown West
Murray Hill / Kips Bay
Chelsea / Flatiron
Gramercy
Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa
Financial District / Battery Park City
Harlem / Morningside Heights
Inwood / Washington Heights
Average Rent by Neighborhood
June 2024 June 2023 YoY
Upper East Side
$5,855 $5,576 5%
Upper West Side
$6,237 $6,387 -2%
Midtown East
$5,354 $5,542 -3%
Midtown West
$5,354 $5,289 -4%
Murray Hill / Kips Bay
$4,916 $5,104 -4%
Chelsea / Flatiron
$6,872 $6,717 2%
Gramercy
$5,802 $5,369 8%
Greenwich Village / West Village
$6,577 $6,781 -3%
East Village / Lower East Side
$5,567 $5,050 10%
SoHo / TriBeCa
$10,423 $9,447 10%
Financial District / Battery Park City
$5,652 $5,072 11%
Harlem / Morningside Heights
$3,635 $3,557 2%
Inwood / Washington Heights
$2,838 $2,636 8%
ANNUAL CHANGE IN AVERAGE RENT
Upper East Side
Upper West Side
Midtown East
Midtown West
Murray Hill / Kips Bay
Chelsea / Flatiron
Gramercy
Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa
Financial District / Battery Park City
Harlem / Morningside Heights
Inwood / Washington Heights
Vacancy by Neighborhood
June 2024 June 2023 YoY
Upper East Side
1.22% 1.62% -0.4%
Upper West Side
1.57% 2.00% -0.4%
Midtown East
2.93% 3.19% -0.3%
Midtown West
2.81% 2.92% -0.1%
Murray Hill / Kips Bay
2.49% 3.46% -1.0%
Chelsea / Flatiron
3.31% 3.51% -0.2%
Gramercy
1.25% 1.17% 0.1%
Greenwich Village / West Village
1.60% 2.34% -0.7%
East Village / Lower East Side
2.29% 3.72% -1.4%
SoHo / TriBeCa
1.23% 2.62% -1.4%
Financial District / Battery Park City
1.98% 2.45% -0.5%
JUNE 2024 VACANCY
Upper East Side
Upper West Side
Midtown East
Midtown West
Murray Hill / Kips Bay
Chelsea / Flatiron
Gramercy
Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa
Financial District / Battery Park City
0.5%
1.0% 1.5% 2.0%
0.0%
3
2.5%
3.0%
3.5%
-60%
-40% -20% 0% 20%
-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%
*New Record
*