User ID



Rents slipping nationally
American Shipper
Post Date

Rents slipping nationally, but Manhattan landlords won’t budge Median rent in borough still above $4K, down just 1% from July peak December marked the fourth straight month in which rents declined nationally, but landlords in Manhattan continued to hold the line.
After peaking at $4,150 in July, the median rent in the borough has bounced between $4,000 and $4,100 ever since, according to reports by appraisal firm Miller Samuel for Douglas Elliman.
Last month kept that groove, with the median rent slipping a little over 1 percent from November to $4,048.
December did mark the fourth month in the last five that rents dipped. But considering the 2 percent uptick from October to November, they’ve decreased only 1.2 percent since July.
“The better descriptor at this point is that rents have continued to move sideways,” said Miller Samuel’s Jonathan Miller, the author of the reports.
Unlike Manhattan, the national market has seen a consistent slide.
Rents for new leases reduced 1.6 percent from September to December, according to RealPage data.
Rent cuts are common in the winter when demand dwindles, but Real Page’s Chief Economist Jay Parsons acterized the cumulative reduce as “deeper than normal” and predicted further cuts this year.
Parson said Class A apartments in particular could see prices reduce as new inventory comes online. The “rental market is shifting in favor of renters,” Parsons’ analysis reads.
The national shift isn’t necessarily a harbinger for New York City. “While it’s possible, I’m not sure that there is a direct connection,” said Miller.
The city’s vacancy rate has ticked up for eight consecutive months, a sign that the rampant demand for new apartments in the first part of last year is softening.
Does that mean renters may soon gain leverage?
“Sort of,” Miller said. “It’s moving in that direction.”
Manhattan’s vacancy rate hit 2.67 percent in December, up nearly a full percentage point from 1.7 percent in December 2021, when the number of units available fell below pre-Covid levels for the first time since the pandemic began. Last month’s rate of 2.67 percent is still below the decade average of 2.74 percent.
“Landlords still have the advantage,” Miller concluded.

Post Date
The cost of Clear is going up for some members, but r.. American Shipper 01/31/2023
Households earning $100,000 or more are cutting sping.. American Shipper 01/31/2023
2M alliance between Maersk and MSC to discontinue in .. American Shipper 01/31/2023
One type of physical activity protects the brain more.. American Shipper 01/31/2023
Why Don’t Airlines Offer Free Upgrades To Empty Seats.. American Shipper 01/19/2023
Four troubling global trade trs flashing consumer wea.. American Shipper 01/19/2023
US importers shipping more to America’s east coast po.. American Shipper 01/19/2023
Ocean Transportation Intermediary License Revocations.. American Shipper 01/19/2023
Rents slipping nationally.. American Shipper 01/13/2023
Delta Airlines Announces Delta Sync .. American Shipper 01/13/2023
Page : 1   2   3   4   5        [Next 5 Page]  Last Page : 97 ( 1 of 97  Total Pages )




Brilliant Group Logistics INC.
159 N. Central Ave. Valley stream, NY 11580
Tel : (516) 599-2406 Fax : (516) 599-0528