Pursuits
Manhattan Apartment Rents Decline After 35% Surge in Listings
- September median of $3,396 is 1.2% less than a year earlier
- Decline was only the second since early 2014, appraiser says
This article is for subscribers only.
Manhattan apartment rents fell last month as landlords’ pricing power was hurt by a wave of new listings and tenants who shopped around for better deals.
The median monthly rent was $3,396, down 1.2 percent from September 2015, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was only the second year-over-year decline since February 2014. Rents also fell this past March.