Increased supply of luxury Manhattan homes is adding to the number of high-end properties available for rent and causing rental costs to fall for wealthy tenants.
The median rent for such a property fell by 4.2% on the year last month, to $8,000.
The lower end of the market also saw rents fall in February, by 0.4% to $3,235, but that decline followed 23 straight months of on-year gains.
