Manhattan apartment owners prop up market with incentives
One month's free rent and payment of broker fees part of effort to keep up appearance of rents being at a higher level
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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.
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