The Corcoran Report

OC T OBER 2021 | M A N H AT TAN | R E NTAL MAR K E TOctober 2021: Leasing Activity and Inventory Matched October 2019 but Rents Still Not Fully Recovered

Both leasing volume and inventory showed signs of stability and were level with October 2019. Price trends were still mixed and varied by unit type andproperty type. Rents for larger residences and luxury product appeared to have returned to pre-Covid levels given demand, while values have yet to recoverfor smaller residences and non-doorman product.

Leases Signed-11% VS. SEPTEMBER 2021

1,992
1,952

-44%
-29%

YoY
YoY

Nearly 4,000 leases were reported signed in October, matching theactivity seen during the same month in 2019, suggesting stabilization.
Only a slight variation occurred in a share of doorman leases, 50%
this year versus 48% in October 2019, which also slightly skewed
overall median rent up. Compared to last year’s surge to over 6,000
leases due to pent-up demand, lease activity fell 37%.

10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0Rent Rates$3,305

Jan 19Feb 19Mar 19Apr 19May 19Jun 19Jul 19Aug 19Sept 19
Oct 19Nov 19Dec 19Jan 20Feb 20Mar 20
Apr 20
May 20Jun 20Jul 20Aug 20
Sept 20
Oct 20
Nov 20Dec 20Jan 21
Feb 21Mar 21
Apr 21
May 21
Jun 21
Jul 21Aug 21
Sep 21
Oct 21

Doorman
Non-Doorman

Non-Doorman

SIGNED LEASESNUMBER OF LEASE SIGNED

3,944

Doorman-37% VS. OCTOBER 2020

Market Wide

+2% VS. OCTOBER 2020

Doorman

Non-Doorman

MEDIAN RENT

0% VS. SEPTEMBER 2021

$4,450$4,200Median shown$3,95012%-9%YoY
YoYAverageDoorman
Non-Doorman$5,329$3,298

22%1%

YoY
YoY

Median rent increased annually for the second consecutive month,reaching its highest point since July 2020 and bolstered by thedoorman market. Non-doorman rents were still well-below their preCovid level, having declined annually for 18 consecutive months.

$3,450$3,200$2,950$2,700$2,450$2,200

Jan 19Feb 19Mar 19Apr 19May 19Jun 19Jul 19Aug 19Sept 19
Oct 19Nov 19Dec 19Jan 20Feb 20Mar 20
Apr 20
May 20Jun 20Jul 20Aug 20
Sept 20
Oct 20
Nov 20Dec 20Jan 21
Feb 21Mar 21
Apr 21
May 21
Jun 21
Jul 21Aug 21
Sep 21
Oct 21$4,100$2,500$3,700MEDIAN RENTMedianDoorman
Non-Doorman

Average Rent by Bedroom

Three Bedrooms

Two Bedrooms

One Bedrooms

Studios

AV E R AG E R E N T B Y B E D R O O M

Studios
One Bedrooms
Two Bedrooms
Three Bedrooms$2,571$3,561$5,528$8,440

6%
9%
14%
26%

YoY
YoY
YoY
YoY

$9,000$8,000$7,000$6,000$5,000$4,000$3,000$2,000

Jan 19Feb 19Mar 19Apr 19May 19Jun 19Jul 19Aug 19Sept 19
Oct 19Nov 19Dec 19Jan 20Feb 20Mar 20
Apr 20
May 20Jun 20Jul 20Aug 20
Sept 20
Oct 20
Nov 20Dec 20Jan 21
Feb 21Mar 21
Apr 21
May 21
Jun 21
Jul 21Aug 21
Sep 21
Oct 21

AV E R AG E R E N T

Annual rent gains occurred for all unit types and by double-digits
for larger residences. Demand for space drove average rent for
two and three bedroom apartments to rebound ahead of smaller
residences. Studio and one bedroom rents were still 11% and 6%
below the pre-Covid peak, respectively. Two and three bedroomrents nearly met or slightly exceeded their respective pre-Covid
peak levels.

Figure reflects leases reported signed within the report month reported by any agency in Manhattan and may include furnished and/or short term rentals. Not all leases that are signed are publiclyreported. Price figures based on last asking prices for leases reported signed but actual rents may be lower. Figure reflects units actively listed as of the last day of the report month. Visible vacancy
is a proprietary index reflecting a representative sample of properties throughout Manhattan in order for a known supply figure to be utilized when calculating unoccupied units. Real vacancy is
unknown as not all vacant units are publicly listed. Only reflects units that were listed for more than one day prior to being marked as leased. All material herein is intended for information purposes
only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is
not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.

1

The Corcoran Report

OC T OBER 2021 | M A N H AT TAN | R E NTAL MAR K E T
Active Listings

Jul 2021

15,794 10,261

Aug 2021

7,727

Sep 2021

5,608With fewer than 5,000 available listings in October, inventory was
down 82% annually and returned to the average number seen prior
to the pandemic. Strong leasing velocity over the last few months
helped to drive four consecutive months of significant annual
declines in inventory.

35,000N U M B E R O F AC T I V E L I S T I N G S

Jun 2021

40,000-13% VS. SEPTEMBER 2021

30,00025,00020,00015,00010,0005,0000Jan 19
Feb 19Mar 19Apr 19May 19Jun 19Jul 19Aug 19Sept 19
Oct 19Nov 19Dec 19Jan 20Feb 20Mar 20
Apr 20
May 20Jun 20Jul 20Aug 20
Sept 20
Oct 20
Nov 20Dec 20Jan 21
Feb 21Mar 21
Apr 21
May 21
Jun 21
Jul 21Aug 21
Sep 21
Oct 21

4,892

LISTED INVENTORY-82% VS. OCTOBER 2020

Visible Vacancy

1.65%V I S I B L E VAC A N C Y-.42% VS. SEPTEMBER 20213.49% 2.61%

Aug 2021

5%

Sep 2021

2.26% 2.07%

Visible vacancy fell to its lowest level in seventeen months, finallyfalling below 2% after spiking to 5% a year ago. For the first timesince May 2020, all neighborhoods in Manhattan had a vacancy
rate below 2.5%. However, all neighborhoods north of 34th Street
still have higher vacancy rates compared to May 2020.

4%
3%
2%1%0%Jan 19Feb 19Mar 19Apr 19May 19Jun 19Jul 19Aug 19Sept 19
Oct 19Nov 19Dec 19Jan 20Feb 20Mar 20
Apr 20
May 20Jun 20Jul 20
Aug 20
Sept 20
Oct 20
Nov 20Dec 20Jan 21
Feb 21Mar 21
Apr 21
May 21
Jun 21
Jul 21Aug 21
Sep 21
Oct 21

Jul 2021

6%

P E R C E N T VAC A N T

Jun 2021-3.39% VS. OCTOBER 2020

Days on Market

78+23% VS. OCTOBER 2020+10% VS. SEPTEMBER 2021
74732%29%

YoY
YoY140120
1008060
4020

Jan 19Feb 19Mar 19Apr 19May 19Jun 19Jul 19Aug 19Sept 19
Oct 19Nov 19Dec 19Jan 20Feb 20Mar 20
Apr 20
May 20Jun 20Jul 20Aug 20
Sept 20
Oct 20
Nov 20Dec 20Jan 21
Feb 21Mar 21Apr 21
May 21
Jun 21
Jul 21Aug 21
Sep 21
Oct 21

Days on market increased by about two weeks compared to ayear ago as many lingering listings finally rented. Renters seeking
doorman buildings signed leases in nearly the same amountof time as last year, while the length of time that non-doorman
listings remained on the market expanded by 17 days.

Non-Doorman

DAY S O N M A R K E T

AV E R AG E DAY S O N M A R K E TDoorman
Non-Doorman

DoormanFigure reflects leases reported signed within the report month reported by any agency in Manhattan and may include furnished and/or short term rentals. Not all leases that are signed are publicly
reported. Price figures based on last asking prices for leases reported signed but actual rents may be lower. Figure reflects units actively listed as of the last day of the report month. Visible vacancy
is a proprietary index reflecting a representative sample of properties throughout Manhattan in order for a known supply figure to be utilized when calculating unoccupied units. Real vacancy isunknown as not all vacant units are publicly listed. Only reflects units that were listed for more than one day prior to being marked as leased. All material herein is intended for information purposes
only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is
not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.

2

The Corcoran Report

OC T OBER 2021 | M A N H AT TAN | R E NTAL MAR K E T
October 2021: Leasing activity was lower than last year in nearly all neighborhoods.

Areas with annual increases were those that lagged behind the initial rebound in demand that began a year ago. Considering how dramaticallyvacancy has adjusted downward versus the high last year, many areas were able to increase rents by double-digits annually.

Leases Signed by Neighborhood
Upper East Side
Upper West Side
Midtown East
Midtown West
Murray Hill / Kips Bay
Chelsea / Flatiron
Gramercy
Greenwich Village / West Village
East Village / Lower East SideSoHo / TriBeCa
Financial District / Battery Park City
Harlem / Morningside Heights
Inwood / Washington Heights

Oct 2021
899488299
368307
267
112
176
226
129148330
195

Oct 2020

YoY

1,075
1,200
279
822
594
843
147
549
466
315
478
443
152

-16%
-59%
7%
-55%
-48%-68%
-24%
-68%
-52%
-59%
-69%
-26%
28%

A N N UA L C H A N G E I N L E A S E S S I G N E DUpper East Side

Upper West Side

Midtown East

Midtown West

Murray Hill / Kips Bay
Chelsea / Flatiron

Gramercy

Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa

Financial District / Battery Park City
Harlem / Morningside Heights
Inwood / Washington Heights-90%-60%-30%0%

30%60%

Average Rent by Neighborhood
Upper East Side
Upper West Side
Midtown East
Midtown West
Murray Hill / Kips Bay
Chelsea / Flatiron
Gramercy
Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa
Financial District / Battery Park City
Harlem / Morningside Heights
Inwood / Washington Heights

Oct 2021$3,847$4,953$4,506$4,389$4,068$5,926$3,876$5,581$4,028$9,718$4,702$2,586$2,112

Oct 2020

YoY$3,916$3,948$3,777$3,316$3,572$4,292$3,697$4,469$3,525$6,568$4,006$2,811$2,115

-2%
25%
19%
32%
14%
38%
5%
25%
14%
48%
17%
-8%
0%

A N N UA L C H A N G E I N AV E R AG E R E N T
Upper East Side

Upper West Side

Midtown East

Midtown West

Murray Hill / Kips Bay
Chelsea / Flatiron

Gramercy

Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa

Financial District / Battery Park City
Harlem / Morningside Heights
Inwood / Washington Heights

-10%

0%

10%

20%

30%

40%

50%

Vacancy by Neighborhood
Upper East Side
Upper West Side
Midtown East
Midtown West
Murray Hill / Kips Bay
Chelsea / Flatiron
Gramercy
Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa
Financial District / Battery Park City

Oct 2021
1.66%
1.65%
2.29%
2.21%
1.52%
1.70%
1.29%
0.87%
2.16%
1.26%
1.11%

Oct 2020

YoY

4.19%
5.27%
7.12%
3.94%
5.07%
5.10%5.10%
4.68%
9.50%
5.28%
3.28%

-2.5%
-3.6%
-4.8%
-1.7%
-3.6%
-3.4%
-3.8%
-3.8%
-7.3%
-4.0%
-2.2%

O C T O B E R 2 0 2 1 VAC A N C Y
Upper East Side

Upper West Side

Midtown East

Midtown West

Murray Hill / Kips Bay
Chelsea / Flatiron

Gramercy

Greenwich Village / West Village
East Village / Lower East Side
SoHo / TriBeCa

Financial District / Battery Park City
0.0%

0.5%

Figure reflects leases reported signed within the report month reported by any agency in Manhattan and may include furnished and/or short term rentals. Not all leases that are signed are publiclyreported. Price figures based on last asking prices for leases reported signed but actual rents may be lower. Figure reflects units actively listed as of the last day of the report month. Visible vacancy
is a proprietary index reflecting a representative sample of properties throughout Manhattan in order for a known supply figure to be utilized when calculating unoccupied units. Real vacancy isunknown as not all vacant units are publicly listed. Only reflects units that were listed for more than one day prior to being marked as leased. All material herein is intended for information purposes
only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is
not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.

3

1.0%

1.5%

2.0%

2.5%