New York's Equity Residential expects flat growth on rents

New York

RENTS on newly signed apartment leases on Manhattan's West Side may be flat this year as competition mounts from a surge of new supply coming to the area, Equity Residential said.

David Santee, the company's chief operating officer, said on a conference call on Wednesday to discuss fourth-quarter earnings: "The performance of our Manhattan portfolio will be greatly influenced by almost 2,000 new units on the Upper West Side, which makes up almost 30 per cent of total revenue for our New York Metro area."