Rental concessions aren’t preventing prices from slipping. According to Douglas Elliman’s report, the median monthly rental price for apartments in Manhattan dropped 1.5 percent year-over-year in February to $3,330. The vacancy rate, however did drop a bit, from 2.44 percent in February 2017 to 2.29 percent in February 2018. Meanwhile, the percentage of new rental deals involving concessions remains high at 47.6 percent — up from February 2017, when the percentage was 26.4.

The only uptick was in the luxury rentals sector, which jumped 6.4 percent year-over-year, hitting $8,495. That said, pricing is skewed by the high volume of new development, which also tends to be larger in size than existing units.