Manhattan apartment rents fell as much as 10 percent in August from a year ago as tenants gained negotiating power in the recession and forced landlords to offer concessions.10% ain't some sort of rounding error.
Real estate has been declining for some time, but the fact that rents, not purchases of condos or co-ops are falling is an indicator that the downturn in real estate has a ways to go before truly hitting bottom.
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