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Economy
In reply to the discussion: Weekend Economists and the Accidental President December 13-15, 2013 [View all]xchrom
(108,903 posts)64. Manhattan Apartment Rents Drop for a Third Straight Month
http://www.bloomberg.com/news/2013-12-11/manhattan-apartment-rents-drop-for-a-third-straight-month.html
Manhattan apartment rents fell for a third month in November and the vacancy rate reached the highest in at least seven years, signs the market is weakening amid a spike in homebuying and the lure of leasing in Brooklyn.
The median monthly rent in Manhattan dropped 3 percent from a year earlier to $3,100, according to a report today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The vacancy rate climbed to 2.8 percent, the highest since the firms began tracking the data in August 2006.
Rents had been climbing for almost two years and approaching the 2006 peak of $3,265 a month before they began to slide in September. Manhattan home purchases jumped to a six-year high in the third quarter as buyers rushed to make deals before rising mortgage rates pushed costs higher, Miller Samuel and Douglas Elliman said. Sales of one-bedroom units reached a 15-year high, suggesting an influx of first-time buyers.
With the scare about rising mortgage rates, it poached a lot of demand from the rental market, Jonathan Miller, president of New York-based Miller Samuel, said in an interview. On top of that, what else is poaching demand from the Manhattan rental market is Brooklyn.
Manhattan apartment rents fell for a third month in November and the vacancy rate reached the highest in at least seven years, signs the market is weakening amid a spike in homebuying and the lure of leasing in Brooklyn.
The median monthly rent in Manhattan dropped 3 percent from a year earlier to $3,100, according to a report today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The vacancy rate climbed to 2.8 percent, the highest since the firms began tracking the data in August 2006.
Rents had been climbing for almost two years and approaching the 2006 peak of $3,265 a month before they began to slide in September. Manhattan home purchases jumped to a six-year high in the third quarter as buyers rushed to make deals before rising mortgage rates pushed costs higher, Miller Samuel and Douglas Elliman said. Sales of one-bedroom units reached a 15-year high, suggesting an influx of first-time buyers.
With the scare about rising mortgage rates, it poached a lot of demand from the rental market, Jonathan Miller, president of New York-based Miller Samuel, said in an interview. On top of that, what else is poaching demand from the Manhattan rental market is Brooklyn.
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