Median rent for new development units drops 8% in April A weekly feature bringing you the industry’s latest intel
Credit: Savills Studley
According to the most recent market reports, concessions are up and rent is down across most metrics in Manhattan. Overall, median rent fell 1.8 percent in Manhattan, dragged down by softness in the top 10 percent and in new development units, which fell 7.8 percent in April compared to the same month last year, according to a Douglas Elliman report.
Manhattan, Brooklyn and Queens rentals | Douglas Elliman Median rental prices in Manhattan decreased by 1.8 percent in April year-over-year overall, with luxury rents declining 5.8 percent and new development prices dropping 7.8 percent. Median rent in Brooklyn stayed the same while Queens rents increased by 12.2 percent. Read the full report here.