August 16, 2019
With the residential sales market in Manhattan cooling, apartment landlords have been reaping the benefits. As a case in point, July saw rents in the borough increasing by the biggest margin in 47 months, appraisal firm Miller Samuel said in its latest report.
Median asking rents rose by 5.7% from July 2018, according to Miller Samuel. Net effective median rent—asking rent minus broker commissions and concessions—rose 6.5% during the same period to $3,521-per-month.
“The rental market continues to enjoy higher demand, as the outlook of the sales market remains relatively uncertain,” according to Miller Samuel’s report.
The market share of landlord concessions remained high at 30.6% in July. However, Miller Samuel said it continued to trend lower, with year-over-year declines in six of the past seven months.
Vacancies reportedly ticked upward by 14 basis points to 2%, although they dropped sharply in Northern Manhattan.
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