September 2023

Report
Manhattan, Brooklyn
and Queens Rentals

Manhattan Rentals Matrix SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22

Average Rental Price $5,442 -2.0% $5,552 2.9% $5,287
Rental Price Per Sq Ft $83.64 2.4% $81.69 0.4% $83.30
Median Rental Price $4,350 -1.1% $4,400 8.2% $4,022

Manhattan Number of New Leases 4,405 -12.3% 5,025 -1.9% 4,491

Rentals
Days on Market (From Last List Date) 31 -20.5% 39 -16.2% 37
Listing Discount (From Last List Price) 2.8% 4.8% 0.5%

Dashboard Listing Inventory 9,085 61.2% 5,637 39.9% 6,494

Vacancy Rate 3.07% 2.42% 2.34%
YEAR-OVER-YEAR
Manhattan Rentals With Concessions SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22

+ 8.2% Median Rental Price

Market Share of New Leases
$4,312 -1.3% $4,370 8.3% $3,982

Prices (with OP + Concessions %)

11.8% 9.3% 11.1%
Median Rental Price Free Rent/Owner Paid (Mos) 1.3 8.3% 1.2 -13.3% 1.5
Manhattan Rentals Matrix By Size SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22
+ 0.73% Studio Average Rental Price $3,262 -0.8% $3,287 3.1% $3,163
Vacancy Rental Price Per Sq Ft $84.92 4.1% $81.57 3.8% $81.79
Vacancy Rate Median Rental Price $3,150 -1.6% $3,200 5.0% $3,000
Number of New Leases 945 -5.3% 998 -10.0% 1,050

- 1.9% 1–Bedroom Average Rental Price $4,361 -0.8% $4,397 3.3% $4,222

New Leases Rental Price Per Sq Ft $79.60 -0.6% $80.06 3.4% $76.99
Excludes Renewals Median Rental Price $4,200 -1.2% $4,250 5.0% $4,000
Number of New Leases 1,780 -8.2% 1,940 -3.1% 1,837

+ 0.7% 2–Bedroom Average Rental Price $6,191 -1.7% $6,296 -1.3% $6,274

Market Share Rental Price Per Sq Ft $80.37 -2.4% $82.33 -0.9% $81.08

OP + Concessions Median Rental Price $5,500 -2.7% $5,650 0.0% $5,500

Number of New Leases 1,121 -19.5% 1,393 2.8% 1,090

- 6 days 3–Bedroom Average Rental Price

Rental Price Per Sq Ft
$11,067
$90.09
5.0%
9.1%
$10,541
$82.55
-2.4%
-2.0%
$11,338
$91.89
Marketing Time
Days on Market Median Rental Price $7,500 0.0% $7,500 -3.5% $7,775
Number of New Leases 559 -19.5% 694 8.8% 514

+ 2.3% Median rent slipped from the prior month’s record

Negotiability
Listing Discount as listing inventory expanded.
After seemingly topping out in July and rent, median face rent plus concessions,
August with new records for median rent, was $4,312, down 1.3% from the prior
• Median rent slipped from this price metric slipped in September as year’s record and 26.4% higher than the
the prior month’s record, the vacancy rate expanded and new lease pre-pandemic level. The market share of
suggesting the market is
signings declined. Median rent fell 1.1% from landlord concessions was 11.8%, up from
past peak levels
the prior month’s record to $4,350, still the 11.1% in the same period last year but down
• New lease signings slipped to third highest in history and 24.3% above the sharply from 34.3% at the pre-pandemic
their lowest level since May as pre-pandemic level. Net effective median level. The vacancy rate jumped to 3.07%
landlords emphasize renewals

• The vacancy rate exceeded

the three percent threshold
for the first time in more than
three years
Prepared by Miller Samuel Real Estate Appraisers & Consultants
September 2023 The Elliman Report • Monthly Survey of Manhattan, Brooklyn & Queens Residential Rentals elliman.com/marketreports

from 2.34% in the same period the previous Median Rental Price Manhattan Rentals Number of New Leases
year, the first time exceeding the 3% threshold
in two years. The number of new lease signings $4,675 10,000
fell year over year for the third time by 1.9%
to 4,405 as landlords focused on renewals. $4,300 8,000
Consistent with this was the pivot in one-year
lease terms, which surged above 60% market $3,925 6,000

share for the past three months. Tenants opted

$,3550 4,000
to lock in for a shorter period as rental price
growth eased and near-term trends began $,3175 2,000
to decline. The market share of bidding wars,

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a proxy for rents above the landlord’s asking $2,800 0
2020 2021 2022 2023
price, was 10.2%, down from 11.1% in the prior
year, with a premium of 9%.

Manhattan Rentals Matrix By Property Type SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22
Property Type Doorman Median Rental Price $5,000 -2.0% $5,100 4.2% $4,800
• Doorman new lease signings were Non-Doorman Median Rental Price $3,500 -2.8% $3,600 6.1% $3,300
just above pre-pandemic levels, Median Rental Price Brooklyn Rentals -5.3% Number of New Leases
while those of non-doorman Loft Median Rental Price $8,000 $8,450 -10.9% $8,975
buildings were substantially lower New Development Median Rental Price $5,500 -9.8% $6,100 -7.3% $5,933
$4,150 3,000
• Median rental price for new Existing Median Rental Price $4,275 0.6% $4,250 7.0% $3,995
developments declined year over $3,800 2,400
year for the first time in five months
as median rent in existing buildings $3,450 1,800
continued its more than two-year Manhattan Rentals Matrix By Price SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22
ascent $3,100 1,200
Luxury (Top 10%) Average Rental Price $14,989 -0.5% $15,070 -2.0% $15,293
Luxury (Top 10%) Rental Price Per Sq Ft
$2,750 $96.17 5.4% $91.22 -4.3% $100.44
600
Price Tier
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Luxury (Top 10%) Median Rental Price
$2,400
$11,013 -11.0% $12,369 -4.2% $11,500
0
2020 2021 2023
• Luxury price trend indicators Luxury (Top 10%) Number of New Leases
2022
456 -12.1% 519 0.2% 455
slipped year over year but remained
sharply above pre-pandemic levels Luxury (Top 10%) Entry Price Threshold $8,500 -5.6% $9,000 0.0% $8,500

• Luxury listing inventory expanded Upper Tier (30% below Luxury) - Med. Rental Price $5,995 -0.8% $6,041 3.4% $5,800
annually for the first time in three Mid Tier (2nd 30%) - Median Rental Price $4,000 -2.4% $4,100 3.9% $3,850
quarters
Entry Tier (1 st
30%) - Median Rental Price $2,800 -1.8% $2,850 7.9% $2,595
• The luxury market share of bidding
wars was higher than the overall Median Rental Price Northwest Queens Rentals Number of New Leases

market
$3,975 600
Downtown Rentals Matrix SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22

Downtown Median Rental Price

$3,650 $4,795 -2.1% $4,900 6.6% $4,500
480

Number of New Leases 1,939 -14.1% 2,257 -0.8% 1,954

• Median rent edged higher as $3,325 360
new lease signings slipped Vacancy Rate 3.47% 3.16% 2.92%
year over year $3,000 240

• Vacancy expanded year over year $2,675 120

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Eastside Eastside Rentals Matrix SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22

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$2,350 0
Median Rental Price
2020 2021 2022 $4,250 -2.0% $4,335
2023 11.8% $3,800
• Median rent edged higher as
new lease signings slipped Number of New Leases 1,033 -5.5% 1,093 -1.5% 1,049
year over year Vacancy Rate 2.19% 1.53% 1.97%
• Vacancy rose year over year

Westside Westside Rentals Matrix SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22

• Median rent edged higher as Median Rental Price $4,396 -0.1% $4,400 4.7% $4,200
new lease signings slipped
year over year Number of New Leases 988 -10.4% 1,103 -2.5% 1,013

• Vacancy expanded year over year Vacancy Rate 3.79% 2.74% 2.29%

Northern Manhattan
• Median rent expanded as Northern Manhattan Rentals Matrix SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22
new lease signings slipped
Median Rental Price $2,895 -3.3% $2,995 9.2% $2,650
year over year
Number of New Leases 445 -22.2% 572 -6.3% 475
• Vacancy expanded sharply
year over year Vacancy Rate 2.39% 1.24% 1.33%
September 2023 The Elliman Report • Monthly Survey of Manhattan, Brooklyn & Queens Residential Rentals elliman.com/marketreports

Median Rental Price Brooklyn Rentals Number of New Leases

$4,150 3,000

$3,800 2,400

Brooklyn $3,450 1,800

Rentals $3,100

$2,750
1,200

600
Dashboard

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$2,400 0
2020 2021 2022 2023
YEAR-OVER-YEAR

+ 5.9% Brooklyn Rentals Matrix

Average Rental Price
SEP-23
$4,162
%∆ (mo)
-5.4%
AUG-23
$4,398
%∆ (yr)
9.5%
SEP-22
$3,802
Prices Rental Price Per Sq Ft $56.55 -0.8% $57.02 11.8% $50.56
Median Rental Price
Median Rental Price $3,700 -3.9% $3,850 5.9% $3,495
Median Rental Price Northwest Queens Rentals Number of New Leases

+ 42.7%
Number of New Leases 1,254 -2.0% 1,280 -24.3% 1,657
Days on Market (From Last List Date)
$3,975 26 36.8% 19 0.0% 60026
Inventory Listing Discount (From Last List Price) -0.9% 0.8% -3.7%
Total Inventory $3,650 480
Listing Inventory 5,320 187.9% 1,848 42.7% 3,728
$3,325
Brooklyn Rentals With Concessions SEP-23 %∆ (mo) AUG-23 %∆ (yr) 360
SEP-22
- 24.3% Median Rental Price
$3,000 $3,670 -3.9% $3,819 6.3% $3,452
240
New Leases Market Share of New Leases
(with OP + Concessions %)
14.0% 11.1% 16.9%
$2,675 120
Excludes Renewals
Free Rent/Owner Paid (Mos) 1.1 -8.3% 1.2 -8.3% 1.2
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$2,350 0

- 2.9%
Brooklyn
2020Rentals Matrix By Size
2021 SEP-23
2022 %∆ (mo) AUG-23
2023 %∆ (yr) SEP-22
Studio Average Rental Price $3,201 -1.3% $3,243 11.5% $2,871
Market Share Rental Price Per Sq Ft $70.47 0.3% $70.28 18.1% $59.67
OP + Concessions Median Rental Price $3,250 1.1% $3,215 16.1% $2,800
Number of New Leases 169 -6.1% 180 -24.6% 224
= 0 days 1–Bedroom Average Rental Price $3,557 -2.4% $3,646 6.9% $3,327
Marketing Time Rental Price Per Sq Ft $57.96 -4.1% $60.42 11.2% $52.13
Days on Market Median Rental Price $3,500 0.0% $3,500 9.4% $3,200
Number of New Leases 463 7.7% 430 -23.1% 602

+ 2.8% 2–Bedroom Average Rental Price $4,303 -7.0% $4,628 7.4% $4,007
Rental Price Per Sq Ft $54.72 -5.0% $57.59 10.9% $49.33
Negotiability
Listing Discount Median Rental Price $3,832 -9.0% $4,211 6.4% $3,600
Number of New Leases 418 -0.5% 420 -25.2% 559

• Median rent slipped quarter 3–Bedroom Average Rental Price $6,044 -1.5% $6,138 16.3% $5,195
over quarter from the July Rental Price Per Sq Ft $55.52 5.0% $52.86 15.6% $48.01
record but still well above
Median Rental Price $4,574 -1.6% $4,650 8.9% $4,200
pre-pandemic levels
Number of New Leases 204 -18.4% 250 -25.0% 272
• New lease signings fell Brooklyn Rentals Matrix By Type SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22
year over year for the fourth
time, remaining above the Luxury (Top 10%) Median Rental Price $7,500 -8.5% $8,200 7.6% $6,968
pre-pandemic level Luxury (Top 10%) Entry Price Threshold $6,165 -8.3% $6,725 6.3% $5,800
• Listing inventory rose annually New Development Median Rental Price $4,100 2.6% $3,995 3.8% $3,950
for the first time in four months

After topping out in July with a new record landlord concessions was 14%, down from
Price trend indicators for median rent, this price metric slipped 16.9% in the same period last year but down
came down from the for the past two months as listing inventory sharply from 34.6% at the pre-pandemic
expanded and new lease signings declined. level. The number of new lease signings fell
summer records. Median rent fell 3.9% from the prior month year over year for the fourth time and this
to $3,700, still the third highest in history and month by 2% to 1,254 as landlords focused
23.3% above the pre-pandemic level. Net on renewals. The market share of bidding
effective median rent, median face rent plus wars, a proxy for rents above the landlord’s
concessions, was $3,670, down 3.9% from asking price, was 16.3%, down from 21.3% in
the prior quarter and 25.9% higher than the the prior year, with a premium of 11.9%.
pre-pandemic level. The market share of
September 2023 The Elliman Report • Monthly Survey of Manhattan, Brooklyn & Queens Residential Rentals elliman.com/marketreports

Median Rental Price Northwest Queens Rentals Number of New Leases

$3,975 600

$3,650 480

Northwest $3,325 360

Queens Rentals $3,000 240

Dashboard $2,675 120

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YEAR-OVER-YEAR $2,350 0
2020 2021 2022 2023

+ 10.3%
Northwest Queens Rentals Matrix SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22
Average Rental Price $3,769 -12.1% $4,287 11.3% $3,386
Prices Rental Price Per Sq Ft $56.74 -13.3% $65.43 5.6% $53.73
Median Rental Price
Median Rental Price $3,528 -9.5% $3,900 10.3% $3,200
Number of New Leases 296 27.0% 233 -22.3% 381

+ 14.7% Days on Market (From Last List Date) 29 -12.1% 33 3.6% 28

Inventory Listing Discount (From Last List Price) -0.8% 3.0% -3.6%

Total Inventory Listing Inventory 640 281.0% 168 14.7% 558

Northwest Queens Rentals with Concessions SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22

- 22.3% Median Rental Price

Market Share of New Leases
$3,515 -9.2% $3,871 10.7% $3,176

New Leases (with OP + Concessions %)

6.1% 9.9% 10.5%

Excludes Renewals Free Rent/Owner Paid (Mos) 1.0 -16.7% 1.2 -16.7% 1.2
Northwest Queens Rentals Matrix By Size SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22

- 4.4% Studio Average Rental Price

Rental Price Per Sq Ft
$3,057
$67.74
-5.2%
-11.1%
$3,225
$76.21
19.6%
28.1%
$2,555
$52.86
Market Share Median Rental Price $3,052 -5.4% $3,225 20.1% $2,542
OP + Concessions
Number of New Leases 53 39.5% 38 -24.3% 70

+ 1 day
1–Bedroom Average Rental Price $3,312 -12.2% $3,772 8.6% $3,051
Rental Price Per Sq Ft $56.63 -16.9% $68.11 -1.4% $57.45
Marketing Time Median Rental Price $3,308 -13.7% $3,834 5.0% $3,150
Days on Market Number of New Leases 138 31.4% 105 -27.7% 191
2–Bedroom Average Rental Price $4,695 -11.3% $5,294 6.8% $4,398

+ 2.8% Rental Price Per Sq Ft

Median Rental Price
$54.67
$4,500
-14.7%
-18.2%
$64.08
$5,500
5.6%
1.9%
$51.77
$4,417
Negotiability Number of New Leases 84 6.3% 79 -17.6% 102
Listing Discount
3–Bedroom Average Rental Price $4,855 -13.9% $5,640 9.4% $4,439
Rental Price Per Sq Ft $51.71 0.4% $51.48 5.2% $49.16
• Median rent declined from the
prior month’s record, but still Median Rental Price $4,600 -16.4% $5,500 31.4% $3,500
well above pre-pandemic levels Number of New Leases 21 90.9% 11 16.7% 18

• New lease signings fell Northwest Queens Rentals Matrix By Type SEP-23 %∆ (mo) AUG-23 %∆ (yr) SEP-22
year over year for the sixth time, Luxury (Top 10%) Median Rental Price $6,966 2.9% $6,768 11.5% $6,250
remaining above the
Luxury (Top 10%) Entry Price Threshold $6,195 -3.1% $6,390 13.6% $5,454
pre-pandemic level
New Development Median Rental Price $4,200 10.5% $3,800 14.3% $3,675
• Listing inventory rose New Development Market Share 27.4% 31.3% 23.9%
annually for the first time
in three months
Median rent fell from the record set in the from 7.1% in the same period last year but
prior month as listing inventory expanded down from 11.8% at the pre-pandemic level.
and new lease signings declined. Median The number of new lease signings fell year
Median rent slipped from the rent slipped 9.5% from the previous month to over year for the sixth time. As landlords
$3,528 and 22.7% above the pre-pandemic focused on renewals, new leases fell by
prior month’s record as listing level. Net effective median rent, median face 22.3% to 296. The market share of bidding
inventory expanded. rent plus concessions, was $3,515, down 9.2% wars, a proxy for rents above the landlord’s
from the prior quarter record and 26% higher asking price, was 15.1%, up from 14.7% in the
than the pre-pandemic level. The market prior year, with a premium of 16.3%.
share of landlord concessions was 6%, down

Questions or comments? Email report author Douglas Elliman Real Estate Miller Samuel Real Estate Appraisers & Consultants
Jonathan Miller at [email protected] 575 Madison Avenue, New York, NY 10022 21 West 38th Street, New York, NY 10018
Methodology: millersamuel.com/research-reports/methodology
212.891.7000 • elliman.com 212.768.8100 • millersamuel.com
Northwest Queens is defined as Long Island City, Astoria, Sunnyside and Woodside.

© 2023 DOUGLAS ELLIMAN REAL ESTATE AND MILLER SAMUEL REAL ESTATE APPRAISERS & CONSULTANTS. ALL WORLDWIDE RIGHTS RESERVED. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE
CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY
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