Sluggish sales market continues to bolster Manhattan rents: Elliman

The luxury sales slump has been a silver lining for Manhattan’s rental market. Rents rose in February as would-be buyers took refuge in the rental market, according to Douglas Elliman’s latest rental market report. Median net effective rent rose 4.1 percent year over year to $3,297 — the second straight monthly increase. Meanwhile, the share of new leases with concessions was 41.6 percent, compared with 47.6 percent a year earlier. “The rental market is turning, […]

from The Real Deal New York

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