Mar
09
Manhattan Rents Fall for Every Apartment Size, Even Studios
By-
Landlords offer concessions on 26% of all new leases
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Studios have their biggest rent drop since at least 2012
Rents fell last month for Manhattan apartments of all sizes, the first across-the-board price decline in at least four years, as a construction boom brought more buildings to market and allowed some tenants to leave for bigger or newer units.
For studios, which held their own last year while costs for bigger apartments slid, the median rent dropped 2.6 percent, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. It was the biggest year-over-year decrease since the firms started tracking the data in 2012. The median price of studios last month was $2,500, the lowest it’s been since January 2015…
Manhattan Rents Fall for Every Apartment Size, Even Studios
