Manhattan rental market continues to be driven by concessions

In May, rental prices for both 3 bedrooms and 2 bedrooms dropped, 6% and 4.6% respectively. Concessions are up 12.5% year over year and have been steadily rising for the last 3 years.

This is consistent with the rentals that I have listed of late which need to be either priced very aggressively or offered with concessions to be rented. Along the same lines, landlords are negotiating with existing tenants to keep them.

Coverage from CNN