The average cap rate on Manhattan apartment buildings declined to just 4.4 in Q1, the lowest...

|By:, SA News Editor

The average cap rate on Manhattan apartment buildings declined to just 4.4 in Q1, the lowest level since 2005 as rents increased 7.1% Y/Y. With the cost of financing pretty close to that 4.4 figure, rents better continue to increase as that's the only way landlords will make money. Among the buyers is a new entrant into the NYC market, UDR.