A view of clouds over Manhattan skyline in New York, United States on August 08, 2023. (Photo by Fatih Aktas/Anadolu Agency via Getty Images)
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Manhattan rents fell for the first time in over two years, as the supply of empty apartments grew and renters held out for price cuts, according to a report released Thursday.
The median rent in Manhattan fell 2% in November, to $4,000 from $4,095, according to a report from Douglas Elliman and Miller Samuel. The drop, while slight, marks the first year-over-year decline in median prices in 27 months, according to the report.
“Prices hit an affordability threshold and this is the reaction,” said Jonathan Miller, CEO of Miller Samuel.
The decline in Manhattan rents has important implications for the housing market and overall inflation, since Manhattan is the nation’s largest rental market. Renters and economists have been predicting a decline in Manhattan rents for over a year, but tight supply and…
2023-12-14 00:01:01
Original from www.cnbc.com
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