Rental rates in New York City's Manhattan borough have fallen again for the 4th straight month, with apartment vacancies rising to around two percent. These figures are attributed to the huge fallout in Manhattan's financial industry, which has fueld past growth in NYC's rental markets.

Rent has fallen anywhere from 2 to 5 percent in Manhattan, with the biggest drop occurring in small studio flats apartments. Studios are renting for an average of $1800 in November 2008, dropping from and average of $1,900 in October. The rental figures are dropping as job losses in the area are gaining, projected to be around 160,000 jobs lost in New York City as fallout from the credit crisis mounts.

The priciest rents in Manhattan are in the SoHo TriBeCa area, with studio apartments renting for around $2,300, one bedrooms for $3,600, 2 bedrooms going for around $5,300 and 3 bedrooms renting for about $7,000 monthly. These rents are the island's highest, surpassing the upper West Side apartment rates by about 20%.

Apartment rent is falling the fastest in West Mditown, with a drop of about 10% occurring. Murray Hill saw the largest drop in 2 bedroom apartment rental rates, dropping to around $2,600 per month. Rising vacancies across Manhattan are prompting property owners to do what it takes to fill their apartments, with more rental discounts and incentives to get their apartments and condos filled with renters.