Manhattan's peak season for leasing favours renters

New York

MANHATTAN'S traditional peak apartment-leasing season wrapped up in August with no rent growth for landlords, a sign that their ability to push up costs may wane further in the coming months.

The median monthly rent in August was US$3,399, a dollar less than a year earlier, as property owners worked to lure tenants amid a 40 per cent jump in listings, according to a report on Thursday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate.