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Manhattan Apartment Rents Fall for the First Time in Two Years

…The median monthly rent dropped 3.1 percent from a year earlier to $3,095, the first annual decline since June 2011, according to a report today by appraiser Miller Samuel Inc. and broker Douglas Elliman Real Estate….

…Manhattan home purchases jumped to the highest level since 2007 in the third quarter, Miller Samuel and Douglas Elliman said in a report last week….

…They came from the rental market,” Jonathan Miller, president of Miller Samuel, said in an interview….

… The number of new leases signed in September jumped 36 percent from a year earlier to 3,445 as some renters sought cheaper deals, Miller said.

Manhattan units available for rent took an average of 45 days, or 16 percent longer, to find tenants than they did a year earlier, while landlords agreed to discounts of 3.9 percent, compared with 2.3 percent a year ago, Miller Samuel and Douglas Elliman said….

…A limited supply of new multifamily properties will prevent rents from decreasing dramatically, Miller said….

…“There’s an affordability issue right now because the economy isn’t robust like it is in 2006,” Miller said….

…Across the East River in Brooklyn, rents soared 10 percent in September to a median of $2,800, the second-highest in five years of record keeping, as tenants flocked to the most populous borough in search of more affordable options, Miller Samuel and Douglas Elliman said….

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