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New York & Tri-State  + New York  + Apartments  | 
California Apartment Vacancy at Highest Level Since 2021

Manhattan Avg Resi Rental Price Down 1.6%

Manhattan’s average rental price declined by 1.56% to $4,617 in the last month of 2023, according to MNS’ NYC rental reports. Gramercy saw the largest month-over-month increase (9.6%) in DM (doorman) 1BR, while FiDi NDM (non-doorman) Studios had the largest decrease (8.3%). Year-over-year, NDM Studios fell by 5.33%, DM Studios rose by 1.03%, NDM 1BR dropped by 5.67%, DM 1BR increased by 3.04%, NDM 2BR decreased by 4.49%, and DM 2BR dropped by 1.37%. 

Brooklyn’s average rental price increased by 0.04% to $3,587. Brooklyn Heights Studios saw the largest MoM increase (9.1%), while Boerum Hill 2BR had the largest decrease (11.3%). Year-over-year, Studios increased by 6.57%, 1BR by 3.29%, and 2BR decreased by 1.44%. 

In Queens, the average rental price rose by 0.65% to $2,780. Rego Park 1BR had the largest MoM increase (8.5%), while Elmhurst 1BR had the largest decrease (8.2%). Year-over-year, Studios increased by 6.33%, 1BR by 5.13%, and 2BR by 3.48%. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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