Manhattan Rents Slip 2.1%, Ending Streak of Record Hikes

Manhattan apartment rents declined in August, marking a reversal after a four-month streak of record hikes.

The median rent on new leases fell to $4,600 in August, down 2.1% from July, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman. Prices are still 8.4% higher than a year earlier.

August is typically one of the busiest months of the year for rentals in New York City as college graduates arrive and families move before the new school year begins. But falling mortgage rates have provided an opening to would-be buyers, relieving the rental market of some upward pressure.

Leasing activity dipped from July, according ...