Manhattan Rent Sees First Drop in Over Two Years, NYC Rents Expected to Remain Stable
Manhattan rents have experienced their first year-over-year decline in over two years, with the median rent falling by 2% in November to $4,000. The drop is attributed to an increase in the supply of empty apartments and renters holding out for price cuts. The decline in rents has significant implications for the housing market and overall inflation, as Manhattan is the largest rental market in the US. Brokers report a sudden decline in demand, with landlords offering concessions rather than cutting listing prices. While Manhattan rents are still the highest in the country and 11% higher than pre-pandemic levels, brokers anticipate further price drops into early next year due to job cuts and increasing attractiveness of the sales market.