Manhattan Prices Dip as Renters Head to Other Boroughs

…“It possibly signals a new direction — and that new direction is sideways instead of down,” said Jonathan Miller, author of the Elliman report….

…The reason for the price slow down, which was accompanied by a slight increase in vacancy — to 2.66 percent, up from 1.85 percent — may have been due to a flurry of renters throwing themselves into the purchase market this summer, spurred by the spike in mortgage rates, Miller said….

…But with more new construction of rental buildings in Kings County, prices might be reined in, Miller said….

…And, with an improving local economy, there’s more competition for rentals, Miller said….