The #1 topic on everybody's mind these days seems to be the economy.  New York City residents, and soon to be NYC residents, are further concerned about how the economic slowdown is affecting the city specifically.  
 
The NYC real estate sales market slowdown has put more people into the rental market by default.  While there have certainly been price drops seen in many of the luxury buildings and higher end apartments (units with a rent over $2500), more reasonably priced apartments in both Manhattan and the outer boro's have become only a little bit less competitive.  This is not only due to the slower economic landscape but also a result of the time of year.  The year end, Thanksgiving thru Christmas, holiday season is typically the slowest time of year for the NYC rental market - and thus one of the best times for renters to find great deals!