Manhattan apartment rents decline amid 35% surge in listings
Tenants shop for more attractive leases, while landlords are working harder to offer them
New York
MANHATTAN apartment rents fell last month as landlords' pricing power was hurt by a wave of new listings and tenants who shopped around for better deals.
The median monthly rent was US$3,396, down 1.2 per cent from September 2015, according to a report on Thursday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. It was only the second year-over-year decline since February 2014. Rents also fell this past March.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Luxury private home rents jump in Q1 amid wider market slump: Huttons Asia
Evictions surge in Arizona with housing shortage and rising prices
China property shares firm after Politburo highlights clearing inventory
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents