Manhattan Rents Fall as Office Leasing Slows in May
Manhattan Rents Surge Despite Market Predictions Manhattan's rental market defied expectations in early 2025. Despite predictions of declining prices, there were significant gains. The median Manhattan rent reached $4,730 in February 2025. This represented a 4% increase from January and a 5% year-over-year surge. Rent comparisons across the five boroughs showed Manhattan's dominance in pricing power. Market fluctuations created uncertainties throughout the spring months. NYC rents were 144% higher than the national average. This was in stark contrast to national trends. Market conditions tightened as vacancy rates plummeted to 1.66% in February. This was down from 1.75% in January and a dramatic drop from 2.29% in February 2024. The decline in available inventory created intense competition among prospective tenants. It affected all unit categories. Active listings totaled 7,116 in February. This marked a 29% increase from January's 30-month low but still lagged 8% below ye...