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The AP reports that rental brokerage Citi Habitats found rents for all apartments (except one-bedrooms) fell slightly during the third quarter, versus last year. (One-bedroom rental prices grew 1.7%.) "The dip may seem to indicate a weakness in the market, but the firm says there has been no precipitous decline in rental rates or substantial increase in vacancy rates," adding that it's rented more apartments between July and September this year than last. The next quarter's data should be interesting!
Manhattan Apartment Rents Slightly Decrease
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Sounds like BS. A report from a rental brokerage stating that apartment prices are still high (read: "Don't expect a discount") sounds suspiciously similar to the reports of stable prices coming out of the real estate brokerages in the months before the collapse. The $2000 Manhattan studio will be a thing of the past by January.
NYC Real Estate will soon be going the way of Bear Stearns & Lehman Bros.
Who ever heard of a landlord that slashed rents ahead of economic hard times? They will be dragged kicking and screaming into this recession and even then, they'll still try to bump up rents over that "sunny window" overlooking the bread lines.