Real Estate
Manhattan Apartment Rents Drop Even as Leasing Activity Picks Up
- Manhattan rental listing inventory, new leases rose in May
- Median rents on new leases in Brooklyn hit a May record
Manhattan apartment rents unexpectedly slipped in May, a “sideways” move for the market at the start of one of its typically busiest seasons.
New leases were signed at a median of $4,250 last month, a 3.3% decline from a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Still, rents were at the second-highest level on record for May, and unchanged from the previous month.