Manhattan apartment rents fell as much as 18% in the second quarter from a year earlier as rising unemployment curbed demand.

The median price dropped 3.1% to $3,100 a month, appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today. Studio prices fell 18% to $2,000; one-bedrooms declined 13% to $2,795; two-bedrooms were down 5.1% to $4,550 and three-bedrooms dropped 4% to $7,673.

A separate report from broker Citi-Habitats Inc. showed average rents fell 8% for studio and one- bedrooms and 11% for two- and three-bedrooms.

bloomberg.com