From left: Gary Malin and Jonathan Samuel Manhattan median rents rose 3.9 percent to $3,161 in November, continuing a 21-month growth streak. But there’s a silver lining to be found for renters. The Douglas Elliman report found that the high prices also led to a vacancy rate of 2.87 percent – the highest in nine years. As a result, the share of new rentals with concessions was 13.5 percent, a five-year high, according to the report, authored by real estate appraiser Jonathan Miller of Miller Samuel. (more…)
Source: The Real Deal
