Pursuits
Manhattan Apartment Leasing Triples, Rent Concessions Decline
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The Manhattan apartment market tightened in the fourth quarter, as the number of leases almost tripled and landlords cut concessions to renters.
New leases rose to 7,217 from 2,456 a year earlier, according to a report today by appraiser Miller Samuel Inc. and property broker Prudential Douglas Elliman Real Estate. The inventory of listings shrank 26 percent to 3,862 units and the time on market fell 42 percent to an average of 44 days.