New York City Rents Crash Again In February Under Weight Of “So Much Inventory”
by Tyler Durden
ZeroHedge.com
Mar 9, 2017
After years of gouging the precious, Ivy League snowflakes that flood Manhattan every summer with nothing but their $10 million inheritance checks, a dream and the Faconnable shirts on their back, New York City landlords, courtesy of the flood of new apartment supply coming online, are being forced to offer record-high rent concessions to attract tenants.
Per the latest February 2017 rental report from Douglas Elliman, the number of new leases signed on Manhattan apartments crashed 27.9% YoY as listing inventory surged 11.7% and median rental prices dropped 1.7%. Meanwhile, even a massive increase in the share of apartments carrying rent concessions, which averaged 1.2 months of free rent, wasn’t enough to spark demand.
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