Real Estate
NYC Apartment Renters Get Some Relief From Record-High Prices
- Median rents declined in August, but bargains remain elusive
- Falling mortgage rates may help ease competition for leasing
Residential buildings in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
New York City apartment hunters got some relief in August as rents declined in what’s typically the priciest month of the year.
In Manhattan, new leases were signed at a median of $4,245, down 3.5% from the previous August, when costs were at an all-time high, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Median prices also fell annually in Brooklyn and Queens.