Rents are softening across the country. But New York City is not the rest of the country. Rent in the city stayed elevated in October despite expected seasonal trends and cooling mortgage rates. Median rent for a new, brokered, market-rate lease in Manhattan was $4,600 in October, according to a monthly report from appraisal firm Miller Samuel for Douglas Elliman.  That was a $50 increase from September, but a 7 percent increase year-over-year.  Although rents have come down across the country, New York City rents have been buoyed by a strong local economy, said report author Jonathan Miller. Rents that […]

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