patrick.net

Manhattan rents drop for first time in two years; may be close to plateau

The median monthly rent dropped 3.1 per cent from a year earlier to US$3,095, the first such decline since June 2011, according to a report by appraiser Miller Samuel and broker Douglas Elliman Real Estate. The vacancy rate climbed to 2.66 per cent, the second-highest in three years, from 1.85 per cent a year earlier.

http://www.scmp.com/property/international/article/1332303/manhattan-rents-drop-first-time-two-years-may-be-close

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