The Manhattan median rental price inched up 1.8% to $3,394 according to the latest report while the luxury rents stayed static at $8,194. According to the broker feedback there is a lot of inventory to absorbed into the market and concessions and price still drive the Manhattan rental market. While buyers are staying on the sidelines, you would think that rents were begin to increase but while lease activity in September has increased market wide we have to enter into a new cycle of rent increases. There is so much parity in the market in terms of choices and Manhattan has competition from both Queens and Brooklyn in terms of offerings and types of buildings.
