Manhattan Apartment Rents Fall as Landlords Offer Breaks

Bloomberg reports:

Manhattan apartment rents fell for a fourth month in December and the share of new leases with landlord concessions jumped to an almost three-year high as potential tenants were lured to the surging homebuying market.

The median monthly rent dropped 1.6 percent from a year earlier to $3,100, according to a report today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Incentives such as a month’s free rent were offered on 13 percent of new agreements, up from 4.3 percent in December 2012 and the biggest proportion since March 2011.

No word yet from Janet Yellen on whether she wants to "protect" us from lower rents.