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Equity Residential Sees Manhattan Apartment Rents Flattening

  • Supply surge to `greatly influence' performance, Santee says
  • More than 6,700 new units to be listed in Manhattan this year

Equity Residential said rents on newly signed apartment leases on Manhattan’s west side may be flat this year as competition mounts from a surge of new supply coming to the area.

“The performance of our Manhattan portfolio will be greatly influenced by almost 2,000 new units on the Upper West Side, which makes up almost 30 percent of total revenue for our New York Metro area,” David Santee, the company’s chief operating officer, said on a conference call Wednesday to discuss fourth-quarter earnings.