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BLOOMBERG --Manhattan Apartment Tenants Get Relief as Rents Decline
March 13, 2014
Manhattan apartment dwellers are getting some relief after two years of rent increases that brought tenant costs close to a new peak.
The median monthly rent fell 2.8 percent in February from a year earlier to $3,100, according to a report today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the sixth straight decline. The vacancy rate rose to 1.87 percent from 1.69 percent, while owner concessions also climbed.