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New rental frenzy as sweet deals dry up

New apartment rentals in Manhattan more than tripled in the third quarter as landlords offered fewer concessions and tenants sought better deals by moving out.

New apartment rentals in Manhattan more than tripled in the third quarter as landlords offered fewer concessions and tenants sought better deals by moving out. New leases signed surged to 8,593 from 2,549 a year earlier, according to a report today by appraiser Miller Samuel Inc. and property broker Prudential Douglas Elliman.

“It’s not that the body of rental activity expanded, it’s that it shifted,” said Jonathan Miller, president of New York- based Miller Samuel. “We saw concessions nearly evaporate over the summer. People who didn’t get concessions went out and looked at a new space.”

 
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