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Residential rents in Manhattan rose in October

Residential rents in Manhattan

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The residential rents in Manhattan rose in October for the second consecutive month, which is pleasant surprise for landlords. The average residential rents rose by 2.8% in October compared to an year earlier, according to a report by the company Miller Samuel Inc and brokerage house Douglas Elliman Real Estate. Together with similar growth in September, this is the biggest annual expansion since December 2015.

The report also shows that future home buyers prefer to continue to pay rents while waiting for property prices – which are already falling – to fall even further. The reinforcing demand allows landlords in Manhattan to raise prices, with the average rent excluding discounts reaching 3,495 USD.

The deals offered to tenants are competitive and include free months, fitness cards and brokerage fees. Similar discounts were granted on 41% of all new rental offers.

By October, the free space of rental properties in Manhattan is 1.49% – the lowest for the nine-year period. At the same time letting property remains on the market on average 29 days in October compared to 44 days an year earlier.

The new rents rose by 5.7% to 4,842.