Manhattan apartment rents down as much as 18% in second quarter

Tenants are pressing hard for rent discounts in the troubled Manhattan apartment market and they are getting them, said Jonathan Miller, CEO of Miller Samuel. Rents have dropped as much as 18% in the second quarter, compared with the same period a year earlier, he said. "Unemployment has had a much more immediate impact on the rental market than the purchase market," Miller said. Bloomberg (07/09) ClipSyndicate (07/09)