Rents in the Manhattan area slowed to end 2012, driven by many tenants moving out due to the price hikes.
Overall, the borough's median rent rose to $3,150 per month in December, which was nearly 1 percent higher than the same month in 2011, a report from Douglas Elliman Real Estate and Miller Samuel explained. This is the third month in a row where the figure's growth rate slowed.
There was also a surge in rental agreements in the city, Bloomberg explained, citing the report. The figure rose more than 20 percent year-over-year, and sat at more than 2,900 agreements in December.
"We're not at this frenzied upward trajectory anymore," said Jonathan Miller, president of Miller Samuel, according to the news source. "We have some more gains in front of us, but I don’t think we’re going to see the same rapid ascent we saw over the last year and a half."
The Big Apple may likely see leasing activity remain high, despite the rent bump. However, to ensure business stays solid this year, property managers may end up advertising their apartment websites more.