Manhattan rental market

Define “mid-range”.

I track the high-end, $20K+. Things have definitely been slowing down. A year ago, there was <100 listings. Today, there are >300. It’s been growing throughout the past year, with prices starting to loosen about 6 months ago. The weakness really started to show in earnest about 3 months ago. Even the best stuff was not moving. The spring has thawed movement on the best stuff, but everything else mainly sits.

Mid range to me is $8-15k for 2br and $10-18k for a 3br

I see 1brs over 3500 and junior 2s over 4000 sitting for months (i am in the "subprime" area of murray hill)

I don’t know if this is reflecting something material or a fluke, but median rent remains at highs while average rent is ~5% off it’s peak from fall 2022:

https://millersamuel.com/charts/manhattan-monthly-rental-price-indicators-face-rent/

It might indicate strength at the low end and weakness at the high end?

More details
https://www.elliman.com/resources/siteresources/commonresources/static%20pages/images/corporate-resources/q1_2023/rental-03_2023.pdf