Rents in Manhattan Drop for Third Straight Month

Rents in Manhattan Drop for Third Straight Month

Residential News » North America Residential News Edition | By WPJ Staff | December 11, 2013 8:09 AM ET

Rents for Manhattan apartments dropped for the third consecutive month in November, after increasing for 26 straight months

The median rental for an apartment in November was $3,100, decreasing 1.6 percent from last month and dropping 3 percent from last year, according to a new report from Douglas Elliman. 

Renters can find slightly lower rents in Brooklyn, where the median rental price is $2,800, a 3.8 percent increase from last year. 

The median rental price is dropping in Manhattan as the vacancy rate reached 2.8 percent, the highest since 2006. More tenants signed lease renewals instead of moving elsewhere, dropping the number of new rental activity by 34.4 percent from last year, the firm reports. 

The use of concessions -- some sort of reward, usually one month's rent -- grew to 7.2 percent in November, the highest level since 2011, but "still considered low in historic terms," according to the report. 

Median rental rates dropped in varying property types. The median rental price for a loft in Manhattan was $5,150 in November, dropping 10.8 percent from last year. The median rental price for super-luxury apartments in the city was $11,413, decreasing 3.5 percent from last year.

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