Manhattan’s hottest residential rental market in decades has finally “plateaued,” according to Bloomberg, citing a new report from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. 

After six months of “record number of records” as median rent in the borough soared to $4,150 in July, the hottest run in decades appears to have subsided as new leases signed in August averaged around $4,100, down $50 from July’s all-time high. 

“Rents are robust but they are starting to plateau,” said Jonathan Miller, president of Miller Samuel. He doesn’t expect prices to plunge unless recessionary trends materialize, such as increased job loss, making it more challenging for people to pay rent and bills in current apartments. 

Source: Bloomberg

August’s median rent decline is barely a relief and still holds 17% above prices seen three years ago. The good news is rapid price

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