Slight Drop in Manhattan Rents
Although Manhattan rental rates are shrinking slightly, they are the highest rates in New York City at the moment. According to the Elliman Report for March 2016 we can see that most of the categories for rentals are slipping by a few percentage points, both on a monthly and yearly ROC.
What's interesting to note is that rental price per square foot has increased since March of 2015, but the average rental prices have actually gone down from last year. This can only mean that the total square footage of apartments are getting smaller while increasing in asking rental price. This is quite alarming as space becomes more limited and luxury apartments, lofts, condos, and homes take over the market.