Unusually Weak Demand Surprises Some Landlords
Tenant pushback against high Manhattan rents forced landlords to scramble to offer more concessions in January than they had in two years, according to several new market reports.
The unusually weak demand—even for the normally slow winter months—surprised some landlords, who had pushed up rents last spring and summer, brokers said. But overall average rents were stable, and with solid job growth in the city, it was too soon to say if the rental market had peaked or was due to fall. [WSJ]