There’s a supply glut. And Manhattan rental prices keep dropping

Prices keep sliding in the Manhattan rental market as concessions remain rampant. The net effective median rental price of $3,314 in June was down 2.8 percent year-over-year, according to Douglas Elliman’s latest market report. That’s the sixth year-over-year decline in seven months. Median face rents also fell 2.9 percent over last year to $3,400. “It’s definitely been consistent over the past couple of months,” said Hal Gavzie, executive manager of leasing at Elliman. “It’s all […]Home Page,Popular,NYC Rental Market,Residential Real Estate