Signs of the Apocalypse

Rents in New York City are falling:

Manhattan apartment rents fell as much as 10 percent in August from a year ago as tenants gained negotiating power in the recession and forced landlords to offer concessions.

10% ain't some sort of rounding error.

Real estate has been declining for some time, but the fact that rents, not purchases of condos or co-ops are falling is an indicator that the downturn in real estate has a ways to go before truly hitting bottom.