Manhattan apartment rents decline amid 35% surge in listings
Tenants shop for more attractive leases, while landlords are working harder to offer them
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
