Manhattan Landlords Sacrifice Higher Rents to Fill Apartments

Manhattan apartment vacancies dropped in August to the lowest level in more than four years as landlords, facing the end of peak leasing season, focused on filling empty units before the slower winter months arrive. The vacancy rate fell to 1.58 percent, down from 2.27 percent a year earlier and the lowest since May 2014, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Taken together with a decline in rents and an increase in concessions, it’s a sign that landlords cared more about finding tenants than pushing the line on prices.