Manhattan Rents Collapse 17%

What’s that? You’re going to put off selling your place and rent it in the meantime? Good luck on that.

According to the latest survey of the Manhattan market put out by Prudential Douglas Elliman Real Estate and Miller Samuel, the rental price per square foot fell 17% from last year, and 8.8% just form the first quarter.

Now on the surface, average rents actually ticked up by .9% yoy, but this number doesn’t mean much, since low-end rental volume shrank, and volume at the high end spiked (the rich, they’re renters now!).



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