Manhattan landlords offer discounts to beat competition
New York
FOR Manhattan landlords, Christmas usually comes in July - when demand for apartments surges and rents go up. But not this year.
Leasing costs in the borough dropped 1.9 per cent from July 2016, the first decline for the month in at least five years, according to a report by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. The median net effective rent, or what tenants paid after concessions, was US$3,350.
