Manhattan rents fell for the first time in over two years as the number of empty apartments increased and renters held out for price cuts, according to a report released Thursday, moving the scales on the balance of when renting is smarter than buying.
Of course, Manhattan rents are still the highest in the country — 11% higher than before the pandemic — despite the median rent in Manhattan falling 2% in November, from $4,095 to $4,000, according to the report by Douglas Elliman and Miller Samuel, Inc. Real Estate Appraisers and Consultants. The drop marks the first year-over-year decline in median prices in 27 months, according to the report.
