Manhattan's median apartment rent, which for the past three months looked like it was heading back to the all-time record of $4,400 notched last summer, dropped to $4,100 in March.

The median for March represented a 3.1% drop from February's level of $4,230, the first decline in the benchmark since November, according to the latest Elliman Report.

"After months of increases, consistent with seasonality, median rent unexpectedly declined," the report said.

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