According to a report from Douglas Elliman Real Estate, rentals in Manhattan fell 3.2% year-over-year, making the biggest drop in 6 1/2 years. According to Hal Gavzie, the executive manager of leasing at Douglas Elliman, apartment seekers are pushing back on rental prices in New York City’s largest borough. Gavzie tells Business Insider, “It’s a great renter’s market if you’re looking for an apartment. It’s a fantastic time to be looking because you do have so many choices and there are still quite a bit of concessions available.” Gavzie adds that the decline in rents also shows that the market is adjusting to all the inventory that has been built.
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