Last Thursday, Bloomberg reported that the median monthly rent in Manhattan stalled out, falling 1.2 percent in September to hit $3,396. “It was only the second year-over-year decline since February 2014,” the outlet continued, citing a new study from appraisal firm Miller Samuel, and the brokerage Douglas Elliman Real Estate.
That second decline happened in March of this year. It was followed by a peak of 2 percent growth in June, and then rents in the Big Apple slowed again before falling last month. Further signs that the housing market has shifted include the fact that landlords are offering renters more sweeteners, like a month or two free; meanwhile, only 17 percent of all housing sales in Manhattan involved a bidding war this year, down from 31 percent last year.
“The market does not appear to be resuming an upward pattern anytime soon,” Miller Samuel’s president told Bloomberg.
And it’s not just Manhattan or New York. Over the last year, the rate of rent growth has dropped precipitously in Portland, San Francisco, Denver, and Houston as well.
Jeff Spross at the Week.