Real Estate
Manhattan Apartment Rents Dip in Sign Market Is Stabilizing
- Costs on new leases fell 1.8% from a year earlier in March
- Prices usually increase in the run-up to summertime peaks
The number of available units rose significantly – by 20% from last March – while new leases fell 1.8%.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Manhattan apartment rents unexpectedly declined in March after months of increases, though it’s unlikely to be a sign of a softening market.
New leases were signed at a median of $4,100, down 1.8% from a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the first time in four months that rents fell on an annual basis and an unusual twist at the tail end of winter, when prices tend to begin climbing toward their traditional summertime peaks.