Real Estate
Manhattan Apartment Rents Slip, Ending Streak of Record Hikes
Falling mortgage rates have provided an opening to buyers, relieving the rental market.
Residential apartment buildings in the Chinatown neighborhood of New York.
Photographer: Yuki Iwamura/BloombergManhattan apartment rents declined in August, marking a reversal after a four-month streak of record hikes.
The median rent on new leases fell to $4,600 in August, down 2.1% from July, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman. Prices are still 8.4% higher than a year earlier.