Manhattan Apartment Rents Inch Up After Three Months of Declines
Yet there are also signs of weakening demand, with landlords and tenants in a holding pattern over the economy.
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Manhattan apartment rents climbed slightly in November after three months of declines. But the market isn’t returning to the hypercompetitive heights of the summer.
The median rent rose 2.1% from October to $4,095, the third-highest level ever recorded by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Yet there were also indications that demand wasn’t particularly strong, including a rising share of new leases signed with concessions and a higher vacancy rate.