Rent’s fell 7 percent last year from 2008…when incentives like a free month’s rent are factored in, effective prices down as much as 14 percent…Overall U.S. vacancy rates hit nearly 30-year high of 8 percent…
Average Manhattan rents fell about 7 percent last year from 2008. And when incentives like a free month’s rent are factored in, effective prices were down as much as 14 percent, said the report by CitiHabitats, a residential New York City broker that closed on about 13,000 rental deals during the year.
Large apartment landlords such as Equity Residential, AvalonBay Communities Inc, Essex Property Trust Inc, UDR Inc and Post Properties Inc have reduced rents and offered perks to retain and attract tenants.
Read the full article, “Manhattan apartment rents and vacancies off in ’09” at Reuters (Jan 14, 2010).