Manhattan Renters Win as Peak Season for Leasing Fizzles Out
- No rent growth in August, with listings up 40% from prior year
- Landlords, challenged by supply surge, offer more concessions
This article is for subscribers only.
Manhattan’s traditional peak apartment-leasing season wrapped up in August with no rent growth for landlords, a sign that their ability to push up costs may wane further in the coming months.
The median monthly rent in August was $3,399, a dollar less than a year earlier, as property owners worked to lure tenants amid a 40 percent jump in listings, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Apartment seekers signed 6,285 new leases, the most in any month since records dating to January 2008, to take advantage of deals.