Manhattan apartment rents declined in August, marking a reversal after a four-month streak of record hikes.
The median rent on new leases fell to $4,600 in August, down 2.1%
August is typically one of the busiest months of the year for rentals in New York City as college graduates arrive and families move before the new school year begins. But falling mortgage rates have provided an opening to would-be buyers, relieving the rental market of some upward pressure.
Leasing activity dipped from July, according ...