Lower rents lured tenants back to Manhattan apartments in 2009

01/15/2010 | CNBC

Apartment occupancies in Manhattan started making a comeback in 2009 as landlords cut rents and offered other attractive incentives, broker CitiHabitats said. Average multifamily rents declined 7% last year compared with the previous year's figure. When other sweeteners offered by landlords are factored in, effective rents dropped as much as 14%, the broker said.

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