Usually a down period in the sales market means good business for rentals, but not this time: hard evidence shows rent drops across the board and anecdotal evidence points to 10-30% declines. And check out this alarming stat: "In January 2008, 90 of the rental properties represented by Halstead were covering brokers' fees. By July, that number was up to 400. By November, it was at 1,300." Also, the Starck-designed Dwell on Wall/Dwell95/95 Wall Street is now offering three months of free rent. [NYPost]
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