Momentum slows in Manhattan rental market

After a year of breaking records for the number of new apartment leases signed, activity in Manhattan’s rental market is showing signs of cooling off.

Renters signed 5,241 leases in the borough in September, the first time in 12 months that this statistic did not set an all-time or a monthly record high for Manhattan, according to the latest report from Douglas Elliman. The number was still a slight increase from September 2020, when renters signed 5,018 new leases, but it was down 36.1% compared with August, when they signed 8,201 leases.

“Since October [2020], every single month until now, new leasing activity has set one of two

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