March 20, 2008
Report: Manhattan Rental Costs Down (Sorta)
The Real Estate Group of New York released its Manhattan Rental Market Report and writes that given the "continued softening" of the rental market and diminished demand, one- and two-bedroom rental prices have dropped, anywhere between 2-5%. However, studio rentals are up (driven by people trading down from bigger spaces to save money, oddly enough) and in the grand scheme of things, given the nutty NYC real estate market, rentals can still ridiculously expensive (see graphic above).
March is considered an "in-between month," "a transition period between winter’s slower pace and spring’s inevitable acceleration," so the report actually recommends that you may be able to find a better deal if you can move before May.
Other tips: If you're looking for a full-service building, rents at doorman buildings have actually gone down versus last year. And if you're looking for a doorman-building, one or two bedrooms, and a trendy neighborhood, doorman rents have been sliding in the East Village.
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At those prices, it's cheaper to pay for a mortgage for a house in Queens!
are the costs of broker fees included into these prices?
It appears doorman buildings are cheaper. How come?
sweet! let the price drop and the empty condos begin!
I'm literally picturing a feeding frenzy of sharks.