Manhattan Rents are Going Down!?

Could it really be that Manhattan's obscene rents are becoming ever-so-slightly less obscene? That's the Observer's perception, and they've got market reports from the Real Estate Group New York [REGNY] indicating that rents on studio, one-bedroom and two-bedroom apartments are lower this summer than last. According to REGNY, in June the average rent for a Manhattan two-bedroom apartment in a non-doorman building was $3,950, 6.5 percent less than in June 2007. All this has the COO of REGNY, Daniel Baum, wringing his hands: "We never have a weak August; it is supposed to be one of the strongest months of the year. It is not a good indicator that the market is down in the strongest season of the year."

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By John Del Signore in News on August 27, 2008 1:05 PM

Comments [rss]

tingo

Ditch the fucking greedy, borderline criminal, lazy, totally uneeded broker leeches...post the apartments online with automated application/credit checks...and we'll be all set.

Giulia Pines

@ GuestShow

Do please explain to me how not wanting (or having the ability) to pay $4000/month for a roof over your head is the same as being a "rich, greedy sucker"...?

Jen S

$3950 is 1.519 times my monthly income, before taxes.

NannyState

I love real estate types. If average rents fell to 2003 levels ( which were pretty robust ), the End of The World would be near. Relax guys, apartments are still ridiculously overpriced compared with incomes and national averages.

whantmoore

LOL does this mean people are going to move to bushwick?

Spleenhg

Stay classy, commenters!

JacqueMehoff

ahh the ole move if you don't like anything response.

thankfully Pb is still available. now that's a good investment for the future.

doza

there are no ugly condos in Siberia! why to move there?

GuestShow

why is 4000$/month obscene?

you rich greedy suckers always complain when you gotta give money.

gimme a break.

move to Siberia if you don like it.

Art Vandelay

No, it says the "average rent" for a Manhattan 2-bedroom is down 6.5%. Four grand a month for two bedrooms is still obscene, of course.

Anecdotally, most of the horrible new condos in my part of Brooklyn are sitting empty. Fuck you, developers -- I hope you lose your shirts.

ChampionOfTheSun

Probably just means that the really high priced stuff is coming down a bit, and doesn't affect the people who actually need lower rents.