Manhattan Rents Down, Incentives Are Up

Condos, condos, condos. Sometimes they seem to be all that anybody talks about.


But New York is really a rental town: rental apartments, especially in Manhattan, still make up three-quarters of all homes, even as for-sale properties glamorously sprout around them.


After all, most people can’t make hefty down payments, and despite the charms of the city, not everybody wants to commit to living in it for more than a couple of lease cycles.


For landlords who can play a long game, rentals have been a tantalizing product: demand tends to be high, supply low; rentals can be counted on for a steady stream of monthly income for years. And that stream has seemed to gush as the city’s popularity, and population, have grown.

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