Manhattan Apartment Hunters Finally Get a Break With Falling Rents
Prices are down from record highs, competition is easing and listing inventory has climbed, but no one should expect bargains just yet.
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Manhattan’s rental market softened in September as prices fell from their summer peak and apartment vacancies rose.
The median rent on new leases signed last month was $4,350, down 1.1% from the record high set in July and sustained in August, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.