For-sale developments aren't the only real estate constituent facing steady declines -- rentals are softening, too, according to the latest Douglas Elliman report, authored by appraisal and New York real estate expert Jonathan Miller.Last month, luxury median rental price declined in Manhattan 4.2 percent from February 2015 to hit $8,000 per month. Last February, the median price for Manhattan’s priciest apartments was $8,350 per month. How will you navigate the waves in the high-end market? Attend Global Connect to learn what to expect and how to prepare Luxury unit prices dropped annually, and a 0.1 percent increase between January and February of this year was likely an affect of seasonality. As spring approaches, the apartment-hunting season heats up, too. Rent increased fa...
- Last month, luxury median rental price declined in Manhattan 4.2 percent from February 2015 to hit $8,000 per month.
- Across all apartment tiers, rent increased just 0.2 percent year-over-year as of Feb. 2016 to reach a median price of $3,382.