< All Press

Manhattan Prices Dip as Renters Head to Other Boroughs

…“It possibly signals a new direction — and that new direction is sideways instead of down,” said Jonathan Miller, author of the Elliman report….

…The reason for the price slow down, which was accompanied by a slight increase in vacancy — to 2.66 percent, up from 1.85 percent — may have been due to a flurry of renters throwing themselves into the purchase market this summer, spurred by the spike in mortgage rates, Miller said….

…But with more new construction of rental buildings in Kings County, prices might be reined in, Miller said….

…And, with an improving local economy, there’s more competition for rentals, Miller said….

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
millersamuel.com/housing-notes
Joined October 2007