Manhattan Rents Pull Away From Record High in Seasonal Shift (1)

Manhattan rents eased further from record highs last month as the market’s peak season came to an end.

New leases were signed at a median of $4,550 in September, down $50 from August and $150 less than the all-time high, reached in July, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman. Yet while the median stayed below its peak, it was up 8.3% from a year earlier.

New Yorkers have faced a brutal year of fierce competition for apartments and rents that reached record highs for four straight months. A slight decline in prices is ...