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Real Estate

Manhattan Landlords Race to Fill Apartments in Declining Market

  • Tenants got rent cuts and all manner of incentives last month
  • Units leased after 34 days on market, fastest pace since 2011
Manhattan Condos At Half Price Lure Homebuyers Reshaping Harlem
Photographer: Jin lee/Bloomberg

Apartment rents are dropping in Manhattan. So is the patience of landlords.

Units that found tenants in February spent an average of just 34 days on the market -- the shortest stretch since October 2011 -- as owners cut rents, offered incentives and did whatever else they could to fill vacancies, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.