New York & Tri-State + Downtown New York + Apartments | January 16, 2023

New York City's apartment rental market saw a mix of monthly gains and losses in December

NYC Apartment Rentals See Mix of Ups and Downs in December

New York City’s apartment rental market fared better than the national average in December, according to the monthly report from appraisal firm Miller Samuel. “The market moved sideways or, to put it another way, drifted slightly downward since peaking in price last July,” wrote Miller Samuel’s Jonathan Miller.

Manhattan’s net effective median rent slipped month over month for the fourth time in five months since reaching a July record, the report stated. At the same time, the median figure was up 17.2% year over year and represented the highest net effective median rent on record for a December.

Brooklyn similarly experienced mixed results in December. The borough’s median rent showed stability month over month after peaking in August but remained above pre-pandemic levels. New lease signings declined in December, as they did in Manhattan for existing product.

In Queens, the median rent fell below the $3,000 threshold for the first time since May but rose Y-O-Y for the sixteenth consecutive month.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).