Reported about 1 year ago
Manhattan apartment rents unexpectedly fell in May, marking a 'sideways' move at the start of the busy season. New leases were signed at a median of $4,250, a 3.3% drop from the previous year, according to Miller Samuel Inc. and Douglas Elliman Real Estate. Although leasing activity saw a 41% increase with 7,085 new leases in Manhattan, listing inventory also rose, helping to stabilize prices. Furthermore, Brooklyn and certain areas of Queens experienced heightened market activity with record lease signings, although rents remained steady or fell slightly.
Source: YAHOO