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.
June 13, 2024
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