Worst Cities in U.S. for Falling Apartment Rents Include Manhattan, Brooklyn

The five places where apartment rents fell the most in 2017 include Manhattan and Brooklyn, where in both markets, rents fell 1.7%. The other three cities with the biggest rents drops were Lubbock, Texas (-6.0%); Charleston, S.C. (-1.8%); and Kansas City, KS (-1.6%), according to a new report from Yardi Matrix.

Lubbock and Manhattan don’t have much in common. Cities like like Manhattan and Brooklyn had become so overpriced in terms of rent, that they were due for a correction, according to Yardi. Apartment rents averaged $4,079 a month in Manhattan at the end of 2017, and $2,692 a month in Brooklyn.

Apartment rents increased by 2.5% at the end of 2017 compared to the year before in the U.S., reaching an average of $1,359 a month.

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