Manhattan Rents Drop, Vacancy Climbs

---

Apartment rents in Manhattan fell last month, marking the sixth consecutive decline in rents for the market.

The median rental price dropped 2.8 percent from last year to $3,100, according to a new report from appraiser Miller Samuel Inc., prepared for Douglas Elliman, the brokerage.

Last month's decline in rental prices was larger than the 1.1 percent yearly decline reported for January.

The median rental price spread between Manhattan and Brooklyn was $210, the narrowest margin since January 2008.

At the same time, concessions by landlords - one month of free rent - almost doubled as the market's vacancy rate increased.

Manhattan's vacancy rate increased to 1.87 percent from 1.69 percent a year ago. The number of new rentals last month increased 3.1 percent from last year to 3,192.

In Brooklyn, the median rental price increased 11.6 percent to $2,890 with the number of new rental jumping 40 percent from a year ago to 392.