Manhattan's No-Frills Apartments Finally Getting a Bit Cheaper
- Rents for non-doorman units fall for first time in 20 months
- Deal sweeteners making doorman buildings an appealing option
Photographer: Scott Eells/Bloomberg
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In Manhattan’s weakening rental market, no-frills apartment buildings were an oasis for landlords -- the one segment where rates were still going up as the properties attracted bargain-hunting tenants. That streak’s now over.
The median rent in buildings without doormen fell 1.9 percent in October from a year earlier to $2,840. It was the first decline for the category in 20 months, and the biggest since February 2014, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.