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Manhattan apartment rents decline amid 35% surge in listings

Tenants shop for more attractive leases, while landlords are working harder to offer them

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Published Thu, Oct 13, 2016 · 09:50 PM

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.

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