Manhattan’s luxury rental prices tumbled in June compared to a year ago, though affluent tenants were still out in force, according to a report by Douglas Elliman.
In Manhattan’s luxury rental market, defined by the top 10%, the median price fell to $10,000 in June, dropping 16% from a year ago and 4.8% from the month before, according to the figures published Thursday.
Falling prices came even as affluent renters were out in force last month, snapping up leases in the luxury segment at the fastest rate on record in June, according to the report. There were 692 new luxury leases signed in June, up 33.8% from the year before.
The steep decline in high-end rental prices was largely the result of smaller units being rented, the report said. By contrast, Manhattan rental prices remained expensive in the overall market amid tenant bidding wars. The median rental price in June was $4,300, unchanged from the year before and tied for the highest June on record.
Overall, Manhattan had 6,777 new leases signed in June, reaching the second highest level for the month, and a 31.2% increase from the year before. Days on the market also hit their lowest level on record at 24 days, five fewer days than a year ago. Listing discounts also hit their lowest level on record, at 1.4% in June.
Market wide, the average size of leased apartments fell both for existing rentals and new developments, according to Douglas Elliman.
