Manhattan Rents Decline 6-9% Year-Over-Year
by admin ~ February 23rd, 2011. Filed under: Commercial Real Estate.Weakness in the job market continued to put pressure on apartment rents in Manhattan, driving them down 6-9% year-over-year. As the economy shifted and people were laid off and bonuses cut, landlords had no choice but to reduce asking prices. Rents are expected to continually decrease over the coming months.
