December 2023 Elliman Report on Manhattan, Brooklyn & NW

The Mackay|Dixon Team|January 31, 2024
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The median rent in Manhattan stabilized as new lease signings rose year over year. The vacancy rate returned above the three percent threshold to its highest level since July 2021. Doorman median rent slipped yearly, while non-doorman median rent increased over the same period. Rental price per square foot for new developments surged year over year to return above the $100 threshold. Luxury price per square foot year edged higher year over year but was short of the prior month's record while luxury listing inventory rose annually for the fourth time.

The median rent in Brooklyn rose year over year for the twenty-fourth time but slipped for the fourth time in five months from the record set in July. New lease signings doubled year over year and remained more than double the decade average for the month. Listing inventory expanded annually for the fourth straight month.

 The median rent in Northwest Queens and new lease signings surged year over year at the highest rate in twenty-one months. Listing inventory rose year over year for the fourth straight month.

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