Manhattan rents continue to rise
Rents in Manhattan rose in the third quarter even though new lease levels slipped slightly for the period, according to the latest Elliman Report. The Elliman Report, which surveys New York City rental prices quarterly, reported Friday that rents for 3Q rose after considerable concessions were made. New leases are high, but still fell a bit from the previous quarter while inventory listings also dropped. The high-end of the market saw price increases, while the available supply of units fell. And in many situations, those pondering rentals over full acquisitions are now favoring the buy-side of the equation, the report concluded. The median rental price stayed unchanged at $2,995, which is relatively the same from last year. And the price per square foot grew 8.1% to $51.03 per square foot, up from $47.22 last year. Overall, the number of new rental properties in Manhattan slipped to 7,998 apartment units, compared to 8,593 from the previous year. Write to Kerri Panchuk.