"After beginning a streak of high prices in February, they've since passed peaks and continued bobbing at the top of the chart. Although the pressures that pushed rents up are easing off, there's unlikely to be a significant decline in prices anytime soon, said Jonathan Miller, the report's author. [The only] economic force that could drive rents lower would be a severe recession, said Miller."
"For the past several months, elevated mortgage rates have kept would-be buyers in the rental market, driving up demand for those units, Miller said. In July, Manhattan rents set a new all-time record at $4,700. Mortgage rates have begun to come down slightly, and demand typically falls in autumn. But those headwinds are not enough to really turn the march of rents around, Miller said."
Median Manhattan brokered rent was $4,550 in September, down slightly from August but more than 8 percent above last year. Rents across the city have plateaued after peaking earlier in the year, with July having hit a record $4,700. Elevated mortgage rates kept potential buyers in rentals, boosting demand and tightening the market amid low inventory of 9,244 listings. Renewals appear common and are typically at lower prices than new leases, reducing measured turnover. Mortgage rates have eased modestly and seasonal demand wanes, yet only a severe recession would plausibly push rents significantly lower.
Read at therealdeal.com
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