Property News · August 15, 2017

Manhattan’s peak leasing season flattened by July rent declines


For Manhattan landlords, Christmas usually comes in July, a month when demand for apartments surges and rents go up. Not this year.
Leasing costs in the borough dropped 1.9 per cent from July 2016, the first decline for the month in at least five years, according to a report by appraiser Miller Samuel and brokerage Douglas Elliman Real Estate. The median net effective rent, or what tenants paid after concessions are factored in, was US$3,350.
July is typically the pinnacle of Manhattan’s…

Source : South China Morning Post
Read more…Manhattan’s peak leasing season flattened by July rent declines

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