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Manhattan Rents Drop for First Time Since 2011

…The median rental rate for Manhattan stands at $3,095 a month, a 1.7 percent drop from August, according to the latest report from Miller Samuel prepared for the Douglas Elliman, the brokerage….

…”The sharp rise in new rentals reflected continued resistance to rising rents at time of lease renewal,” according to Miller Samuel….

…The number of new rentals on the market was 35.9 percent higher than a year earlier, Miller Samuel reports….

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