High-end rentals in NYC are steadily softening

Median rent for pricey apartments in Manhattan fell to $8,000 last month
  • 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.

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.