The Rental Tide Subsides

(The New York Times) Apartment rents in New York City have been rising rapidly for several years, but signs are now emerging that the market has hit a speed bump and is finally shifting to a slower gear.

Manhattan rents have been dropping, with the average price $3,368 in November, $76 less than in October and the third consecutive month prices have declined, according to Citi Habitats.

“The market is at an all-time high,” said Gary L. Malin, the president of Citi Habitats. “To think that the rental market could keep having record-breaking growth is just not realistic.”