While New York City may be known as the city that never sleeps, it looks like the NYC borough of Manhattan’s rents are beginning to doze off into a slumber.
According to data from real estate firm Douglas Elliman, the median rent in Manhattan dipped to $4,000 in November, down 4.6% from October and 2.3% year-over-year.
This marks the lowest rent seen on the island borough in 27 months.
But despite lowering rents, rental applications for Manhattan apartments reportedly dropped by 29% from October to November, showing that Americans’ desire to move to the Big Apple may be hitting snooze itself.
