Manhattan apartment rents fell 3.3% in May, despite a 41% increase in leasing activity.

Manhattan apartment rents fell in May by 3.3%, despite a 41% increase in leasing activity, highlighting a competitive market for landlords. The median rent for new leases was $4,250, the second-highest level on record, but inventory rose, contributing to the stagnation. Experts believe this dynamic may continue through summer unless the Federal Reserve cuts interest rates earlier than expected.