Manhattan Apartment Rent Growth Shows Signs of Plateauing
In contrast to apartment rents in Brooklyn, Manhattan rent growth is showing signs of beginning to plateau, appraisal firm Miller Samuel reported. For the first time in seven months, median rent and net effective rent in Manhattan failed to reach a new record in August as the vacancy rate continued to edge higher.
Both the median rent and net effective rent posted the second highest level on record, ending a streak of new year-over-year records. Conversely, the average net effective rent rose 32.4% to $5,193, the fourth straight monthly record. Moreover, doorman rentals posted a record rent in August, unlike non-doorman rentals.
Meanwhile, the Manhattan apartment vacancy rate ticked upward month-over-month for the fourth consecutive month. And landlord concession market share for new developments was more than twice that of existing rentals.
Over in Brooklyn, “The rental market continues to press higher, setting new records,” wrote Miller Samuel’s Jonathan Miller.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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