NYC Rents Finally Fall, But Still Hover Near Record Highs: Study

NEW YORK CITY — Good news, New York City apartment hunters: rent prices finally took a dip.

But here's the bad news: it's still hovering near record all-time highs.

The price of a typical apartment in Manhattan stood at $4,350 in September, a 1 percent drop from the previous month's record, according to a new Douglas Elliman study.

"Median rent slipped from the prior month's record, suggesting the market is past peak levels," the study states.

But "past peak" is still extremely expensive.

Manhattan's median, or typical, September rent still stood at the third-highest level in history, the study found.

Brooklyn's typical rent — which was $3,700 — slipped for the second straight month after reaching a record high in July, according to the study. But it's also the third-highest in history and 23 percent above pre-pandemic levels, the study found.

Things were a bit better in Queens, where the median rent was $3,528, or 9.5 percent below August's, according to the study.

"Median rent fell from the record set in the prior month as listing inventory expanded and new lease signings declined," the study states.

Read the full Douglas Elliman study here.