Author Topic: Manhattan Apartment Rents Drop for a Third Straight Month  (Read 239 times)

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Offline DCPatriot

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Manhattan Apartment Rents Drop for a Third Straight Month
« on: December 13, 2013, 06:52:16 PM »
Manhattan Apartment Rents Drop for a Third Straight Month
By Oshrat Carmiel



Manhattan apartment rents fell for a third month in November and the vacancy rate reached the highest in at least seven years, signs the market is weakening amid a spike in homebuying and the lure of leasing in Brooklyn.

The median monthly rent in Manhattan dropped 3 percent from a year earlier to $3,100, according to a report today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The vacancy rate climbed to 2.8 percent, the highest since the firms began tracking the data in August 2006.


more at:

http://www.bloomberg.com/news/2013-12-11/manhattan-apartment-rents-drop-for-a-third-straight-month.html
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Offline Oceander

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Re: Manhattan Apartment Rents Drop for a Third Straight Month
« Reply #1 on: December 14, 2013, 01:02:18 AM »
Median monthly rent of $3,100 covers a lot of territory.  Manhattan ain't all glitz and luxury.  Its housing stock is comprised of a substantial number of 70 to 80 y.o. walk ups that are in just barely inhabitable condition.


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