Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day.
Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Hear the latest economic, business and market news, as well as global, national, and local news.
Filmed at key heritage sites all across Hong Kong, including Tai Kwun, Tang Tsing Lok Ancestral Hall and Kowloon Walled City Park, this documentary showcases Hong Kong’s multicultural history. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements.
The US Has a Renewed Urgency to Regulate Crypto Post-FTX (Podcast)
Adani Share Sale Fully Subscribed After Last-Day Jump in Bids
Sri Lanka’s Inflation Cools to 8-Month Low as Supply Snarls Ease
UK Mortgage Approvals at Lowest Since Pandemic as Rate Rises Bite
Bank of Korea Dissenters Are Uneasy About Impact of Higher Interest Rate on Already Slowing Economy
Nissan Resolves Renault Grievance Through Big Payoff for Partner
Falling Property Values Create $55 Billion Funding Shortfall in Europe
China Electric-Car Upstart Xpeng Pushes Back Profit Goal After Horror Year
Alibaba Shares Lose $28 Billion in Sign Rally is Fizzling Out
Prysmian CEO Hits €10 Billion Milestone in Last Term at Helm
China Blasts Incoming Czech Leader Over Call With Taiwan Leader
Britain’s Senior Doctors to Consider Whether to Join Strikes
Glut of Superfood Honey Hurts New Zealand Beekeepers
Sports Fans Flock to Phoenix Where Even a Super 8 Motel Runs $450 a Night
A Black Hospitality Executive Drives Hyatt’s Community-Centric Push
Showtime to Merge With Paramount+ Streaming Service This Year
Crash Course: Donald Trump Vs. the Republican Party
Israel’s Twin Crises Put the UAE in a Double Bind
America’s Work Ethic Is Under Assault
The Shipping Industry Is Getting a Slew of New Vessels—Right as Demand Cools
A $500 Million Bet on Reinvigorating Japan’s Aging Ski Industry
The Secret to EV Success Is the Software
Tyre Nichols’s Killing Leads Senators to Rethink Policing Talks
White House Officials to Attend Memphis Funeral for Tyre Nichols
Europe’s Fossil Fuel Use Is Set to Plummet in 2023, Report Says
Nissan Resolves Renault Grievance Through Big Payoff for Partner
New Metro-North Rail Service to Penn Station Postponed by Seven Months
Denver Bets on Rental Cars to Boost EV Adoption
Vancouver Embarks on Bold Experiment to Decriminalize Hard Drugs
The US Has a Renewed Urgency to Regulate Crypto Post-FTX (Podcast)
Should You Try Fidelity’s Crypto Platform? (Podcast)
Sam Bankman-Fried Denies US Witness Tampering Claim
The median rate on new leases slipped in August from July, but that doesn’t mean New York is suddenly getting affordable.
Jennifer Epstein
Subscriber Benefit
Subscribe
Manhattan’s hot rental market ended its six-month streak of record-setting prices in August, as rates fell slightly from the month before.
New leases were signed at a median of $4,100, down $50 from July’s all-time high, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The price dip came during the market’s busiest month of the year, with more than 5,800 deals inked in August, a nearly 10% increase over July’s volume.
“Rents are robust but they are starting to plateau,” said Jonathan Miller, president of Miller Samuel. He doesn’t expect costs to drop significantly unless the labor market shifts, cutting off the flow of new hires into the city and making it harder for current apartment dwellers to pay their bills.
Rents are decidedly higher this year than they were in 2019, before the pandemic: August’s median was up 17% from the same month three years ago. That means any relief for tenants is likely to be measured.