Concessions remain high and rents on residential apartments keep sliding in Manhattan, leading to the largest year-over-year decline in net effective rent in the last six-and-a-half years. Median net effective rent dropped 3.8 percent to $3,168 in March, according to Douglas Elliman’s latest rental report. Though lower than February, the share of new rental transactions with concessions hit 41.7 percent — the third highest level seen in seven-and-a-half years, the report states. “On one hand, […]
source https://therealdeal.com/2018/04/12/concessions-high-rents-continue-to-slide-in-manhattan/
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