Manhattan apartment owners prop up market with incentives

New York

MANHATTAN apartment landlords are offering potential tenants more perks to avoid cutting rents further in a softening market.

Incentives, such as a month's free rent or payment of broker fees, were given on 25 per cent of new leases last month, up from 14 per cent a year earlier, according to a report on Thursday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate.