Falling Manhattan condo rents offer respite

[NEW YORK] 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 per cent last month from a year earlier to US$3,100, according to a report yesterday by appraiser Miller Samuel and brokerage Douglas Elliman Real Estate. It was the sixth straight decline. The vacancy rate rose to 1.87 per cent from 1.69 per cent, while owner concessions also climbed.

Manhattan landlords have retreated after 23 months of raising prices to make up for ground lost during the recession. Median rents increased 15 per cent from the bottom in November 2009 and were approaching the 2006 high of US$3,265 a month before they began to slide in September.