It was a rough month for New York renters last month.
In Manhattan, leasing activity fell and rents rose in January from the year before due to low inventory and vacancy rates, according to a new report from Corcoran.
There were 3,424 leases signed in the borough in January, down 13 percent from January 2024. However, activity was up 20 percent from December. Both doorman and non-doorman deals fell – by 11 percent and 17 percent, respectively – year over year.
Of the 13 neighborhood Corcoran tracks, leasing activity only rose in Midtown West, which saw a 9 percent year-over-year increase in deals inked. Gramercy experienced the steepest drop – 50 percent – of activity.
Meanwhile, rents jumped 5 percent year over year, and 1 percent from December. The median rent in Manhattan for doorman apartments was $4,972, a 2 percent year-over-year increase. The median rent for non-doorman leases soared 11 percent year over year to $3,650.
Here are how many leases were signed by neighborhoods in Manhattan last month:
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