We are thrilled to present to you an in-depth look at Manhattan's rental market performance during the first quarter of 2024.

Market Overview

In the first quarter of 2024, Manhattan's rental market has shown signs of stability with slight fluctuations in rental prices indicating a balanced market for renters and landlords alike.

Key Highlights:

• Average Listed Rent: The quarterly average listed rent settled at $5,764, reflecting a modest year-over-year increase of 1.42% from $5,682.

• Median Listed Rent: Mirroring this trend, the median listed rent also saw a marginal rise to $4,500, up 1.33% from $4,440 in the previous year.

These adjustments reflect the ongoing demand in the market, with both landlords and tenants navigating the nuanced Manhattan landscape.

Inventory and Listings

• New Listings: There were 12,955 new rental listings in Q1 2024, showing a slight decrease from 13,385 listings in Q1 2023.

• Rental Inventory: Totaling 17,131, rental inventory saw a modest increase from 17,035, highlighting a stable availability of rental units.

• Rent Drops: Rent reductions occurred in 19,786 instances, slightly less than the 19,935 reported in the corresponding quarter of the previous year.

• Taken Off Market: 2,036 rentals were removed from the market in Q1 2024, increasing from 1,982 in the previous year, showcasing a resilient market environment.

Market Trends

A sharp eye on rented properties reveals:

• Rented Properties: The quarter witnessed 10,810 properties being rented out, marking a significant increase from 9,541 in Q1 2023.

• Average Rent Per Square Foot (PSF): The average rent PSF reached $83, growing by a promising 3.61% from $80, reflecting the market's upward trajectory in rental rates.

Conclusion

The Manhattan rental market in the first quarter of 2024 displays a well-balanced environment, with a steady rise in average and median rents, alongside a healthy turnover of rental listings. These metrics reflect a dynamic market that, despite the slight upticks in pricing, continues to be vibrant and active.

We hope this report provides you with deep insights into Manhattan's rental market. Should you have any inquiries or require further details, feel free to reach out to us for personalized assistance.

Download:

Market Pulse Report

Full Rental Market Q1 Report