Implode-o-Meter News - Softening Manhattan's Luxury Sales Market Sends Rents Soaring

New Yorkers with a taste for the fancy are in no hurry to buy homes. While they wait for purchase prices to come down, they're renting some of Manhattan's most lavish apartments, and landlords are taking advantage of the demand. Rent growth in November was strongest at the highest end of the market, and that's going hand-in-hand with the weakness in luxury sales, Miller said.
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Units leased for a median of $3,502 after subtracting the value of concessions -- just $19 short of the record high, reached in July, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. While rents have climbed in every month in 2019, November's 8.7% jump from a year earlier was the biggest since September 2012 and followed two much-smaller increases.

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Softening Manhattan's Luxury Sales Market Sends Rents Soaring