Real Estate
Manhattan Rents Drop Most in Six Years
- Apartment owners grant perks in 49% of leases, a record share
- Price cuts luring in renters who are looking for the best deal
It’s getting tougher for Manhattan’s apartment landlords.
For more than a year, they’ve been handing out rent-free months and gift cards, then topping off those enticements with reductions in price. Now renters, who have the luxury of choice in a market overflowing with new supply, are demanding that owners dig even deeper.