Real Estate
Manhattan Renters Shift to Smaller Apartments to Save on Costs
- July’s median rent is unchanged from June, below all-time high
- Lease signings jump to July record as renters get more choices
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Manhattan renters are seeking out smaller apartments in an effort to avoid paying ever-larger rent bills.
The average size of an apartment leased in July was 945 square feet (88 square meters), 9.5% less than the same month a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The square footage has declined on an annual basis in each of the past 11 months. At the same time, the price per square foot rose slightly, by 0.3%, to $85.03.