Nov
27
Supply Compresses Rent Growth in Manhattan
ByEmployment growth persisted this year, despite some significant losses in the information and manufacturing industries. Meanwhile, investment activity has started to slow.
Manhattan rents are gradually fizzling amid significant supply increases and high prices, which have left many tenants unable to afford typical rates. Although rents have fallen 2.5 percent year-over-year, the decrease has done little to address the market’s dearth of affordable apartments. Meanwhile, investment activity has also started to slow: Some investors have begun balking at consistently high prices, befitting the borough’s status as a top core market in the U.S…
