Landlords cling to concessions amid softening rental market

The use of concessions has become a fixture in the city’s rental market, and while the measures are keeping building vacancies at bay, rents still remain flat. Last month, the median rental price in Manhattan when factoring in concessions was $3,309, a year-over-year decline of 1.8 percent and the biggest drop in more than 12 months, according the April rental report from Douglas Elliman. Nearly 29 percent of leases signed in the borough during the […] Read More >>