Apr
07
Manhattan Renters Get Break After Two Years of Surging Costs
By-
Monthly median fell 2.8% in March from year earlier to $3,300
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Landlord concessions more than doubled as tenants pushed back
Manhattan apartment rents fell in March, the first annual decline in two years, in a sign housing costs have approached the limits of what tenants are willing to pay.
The median monthly rent was $3,300, down 2.8 percent from March 2015, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The vacancy rate rose to 2.42 percent, the highest for March in nine years of record-keeping by the firms. It was 1.99 percent a year earlier…
Manhattan Renters Get Break After Two Years of Surging Costs