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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.
- ◦Lease
