Manhattan rents fell annually in November for the first time since mid-2021, a sign that the apartment market is experiencing more than just seasonal sluggishness.
New leases were signed last month at a median of $4,000, a 4.6% drop from Octoberand 2.3% lower than in November 2022, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It had been 27 months since the previous year-over-year decline.