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New Zealand Times, Volume XXXIII, Issue 5322, 17 April 1878, Page 3

The Astor and Lorilliard rents being always considered a guide to the general rent market, it was ascertained from trustworthy sources that there would be this year no further decline in the rents of dwelling property, but that a further concession of about 10 per cent would be made on all business property, especially on Broadway stores. During the past two years the decline on Murray Hills rents has been from 20 to 30 per cent on previous rates. Here a large number of houses belong to the Astor estate,' which declines to make any further reduction on that property this year. The decline in rents on Broadway stores has been during the same period from 30 to 40 per cent, and with the addition of another 10 per cent this year, made in obedience to the demands of the times, has considerably reduced the income of that vast estate. General complaint is made by landlords that, notwithstanding the decline in rents last year, with no prospects of a rise anywhere, the Tax Commissioners have this year increased the taxation on Sixth and Eighth Avenue property.