Condor Capital Management

Explore: In Manhattan, the ̶S̶k̶y̶ Rent is Falling!

In Manhattan, the ̶S̶k̶y̶ Rent is Falling!

Manhattan has always been notorious for the superbly high rates of rent which tenants of the New York City borough have had to endure. While there is no indication that Manhattan will cease to exist as one of the most expensive places to rent in the country, for the first time in 24 months, average rent rates on a year-over-year basis actually fell in the borough. Based on a recent report by Douglas Elliman Real Estate, the median rental price has declined by nearly 3% to $3,300/month for Manhattan in March 2016 versus the same month last year and about 2.5% on a month-over-month basis.

Continue reading “In Manhattan, the ̶S̶k̶y̶ Rent is Falling!”