NEW YORK CITY—Last month Manhattan posted the lowest total of new leases in a decade and the most significant percentage decline ever, according to the Elliman Report. Manhattan's vacancy rate for the month was 2.42% up from 2.03%, as the number of new leases dropped 70.9% to 1,407.

At the same time the month also saw the highest net effective median, average and average per square foot rent ever recorded.

Median rental price rose by 4.9% to $3,650. Rental price per square foot rose 9% to $74.20, which is a record while the average rental price increased by 7.4% to $4,503, also a record.

Other findings from the report:

  • In another record, median rental price increased 4.8% to $3,540
  • Share of new rental transactions with OP or rent concessions was 35.3%, down from 36.9%
  • Size of the concession was 1.4 months of free rent or equivalent, up from 1.3
  • Listing inventory fell 14.4% to 4,714
  • Days on market was 31, up from 29
  • Listing discount was 1.8%, up from 1.2%
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