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.
- 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.
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