Manhattan Apartment Tenants Get Relief as Rents Decline

Bloomberg reports:

Manhattan apartment dwellers are getting some relief after two years of rent increases that brought tenant costs close to a new peak.

The median monthly rent fell 2.8 percent in February from a year earlier to $3,100, according to a report today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the sixth straight decline. The vacancy rate rose to 1.87 percent from 1.69 percent, while owner concessions also climbed.

Manhattan landlords have retreated after 23 months of raising prices to make up for ground lost during the recession. Median rents increased 15 percent from the bottom in November 2009 and were approaching the 2006 high of $3,265 a month before they began to slide in September.

Just a reminder.