NYC's Rent Has Peaked, Sky-High Prices Falling Back To Earth: Study

NEW YORK CITY — New York City's sky-high rents are falling down to earth — or at least closer to $4,000-a-month, a new study found.

Manhattan's typical rent in October stood at $4,195, according to a Douglas Elliman study released this week.

Renters would rightfully say that's too damn high, but the study points out that prices have been falling since August's record high.

"Median rental price has not increased month over rent for the third, unable to return to the high set during the summer," the study states.

"While this pattern may appear seasonal, as the summer is peak leasing season, the month over month declines are more significant this year over last year."

August's rent, for context, was $4,400, according to Douglas Elliman.

Prices stood at $4,350 in September, the real estate brokerage reported.

October's rents in Brooklyn and Queens saw similar dips.

Brooklyn's typical rent stood at $3,490, a nearly 6 percent drop from September, the study found.

And Queens' median rent was $3,198, a substantial dip from the $3,528 it was in September, according to the student.