For the first time in four years, average rents in Manhattan are decreasing across the board. In the past, rents occasionally declined in one or two floor plans. Larger units demonstrated the most notable price fluctuations. Highly sought-after studio units were most likely to maintain consistent or climbing value. Yet according to a recent Bloomberg report, the current decrease in prices applies to apartments of all sizes. An increase in supply is the main catalyst.  Recent construction has given Manhattan renters more options. The Eugene, the tallest residential skyscraper in the city, began leasing this year. Vitrea and Waterline Square, both with jaw-dropping architecture, are also enticing renters their way. Throughout Manhattan, more than 20 new buildings will start leasing this year, according to Curbed. The new competition has created an atmosphere that hasn’t existed since 2012: excess apartments sitting vacant on the market for weeks. The conditions encouraged many landlords to explore less expensive asking rents—for Manhattan, anyway. Bloomberg reports that median rents for studio apartments dropped by 2.6 percent. In February, that translated to a median list price of $2,500. Prices for one-bedroom units fell by 1.3 percent to $3,350. Two-bedroom apartments declined the most, dropping 5.2 percent to $4,500. With a decrease of 3.7 percent, three-bedroom units have the second farthest decline. These units average $6,031. The median rent price for all units decreased 0.9 percent to $3,350. Landlords have dropped asking prices by an average of 3.3 percent, 0.8 percent lower than February 2016, report appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The report highlights 6,872 vacant units at the close of February. That’s 12 percent more vacancies year-over-year. Melinda Sicari, a broker with Douglas Elliman, recalls the change in customer bravado, “In the months of January...