MNS rental report September 2013
Rents in Manhattan may have finally hit a plateau in September, as a spring spike in mortgage rates shunted some renters into the sales market and the vacancy rate edged up to the second-highest level in three years, according to a monthly Douglas Elliman rental market report released today.
The median rent in the borough slipped 3.1 percent year-over-year to $3,095 per month, the first such decline since June 2011, while the average rental price per square foot dropped 2.6 percent year-over-year to $51.25. The number of new rental listings jumped 35.9 percent year-over-year, demonstrating that tenants continue to resist rising rents when their leases are up, choosing to move instead, and leaving apartments that hit the market, according to Miller Samuel CEO Jonathan Miller, who authored the report. [more]