​Manhattan Apartment Rents Climb To Summer Highs As Mortgage Rates Top 7% – Tyler Durden

Manhattan Apartment Rents Climb To Summer Highs As Mortgage Rates Top 7% Prospective homebuyers in Manhattan were sidelined last month as the rate on a 30-year mortgage topped 7%. As a result, rents in the borough rose to three-month highs due to sliding housing affordability. Bloomberg cited new data from brokerage Douglas Elliman Real Estate and appraiser Miller Samuel that showed the median Manhattan apartment rent climbed 2.4% from a year earlier to $4,295. This was the first annual gain since April. In other surrounding boroughs, new leases signed in Brooklyn last month averaged around $3,600, up 3.2% from a year earlier. In…  — Continue at ZeroHedge News : Read More