Manhattan apartment rents climbed 4.9 percent in the third quarter from a year earlier as tenants opted to renew leases in a tightening market, leaving home- seekers to compete for fewer vacancies.
The median effective rent, or what tenants pay after landlord-sponsored incentives, increased to $2,970 a month from $2,831 a year earlier, according to a report by appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. New leases declined 6.9 percent to 7,998, and the number of listings on the market dropped 1.9 percent to 4,605.










