Manhattan rents rise, skewed by more demand for larger apartments

Following five consecutive months of decline, Manhattan saw its first increase in rent thanks to a growing demand for larger apartments. The median net effective rent, which accounts for concessions, rose 0.4 percent year-over-year in May to $3,392, according to Douglas Elliman’s latest rental report. But the trend was largely driven by the surge in new leases for larger apartments, as the high-end sales market remains soft, the report said. “You’re seeing some of that […]

Source: Real Estate

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