Manhattan Apartment Rents Decline After 35% Surge in Listings

Manhattan apartment rents fell last month as landlords’ pricing power was hurt by a wave of new listings and tenants who shopped around for better deals. The median monthly rent was $3,396, down 1.2 percent from September 2015, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. 

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