Manhattan Rents Continue to Fall

The Real Estate Group of New York released its August data on the Manhattan rental market yesterday, "Renters have been able to take advantage of relatively bargain prices, which continue to significantly lag in year-over-year trends, while this flurry of activity has led to decreasing inventories around Manhattan good news for landlords and property managers." Notably, in non-doorman buildings, rents for studios dropped 8.03% vs. August 2008, while one-bedrooms were down 5.92% and two-bedroms fell 8.24%; in doorman buildings, studios were -7.09% (vs. August 2008), one-bedrooms -10.02% and two-bedroms -6.87%. TREGNY says "we’ve seen some landlords begin to test the market again this month with price increases," but "it seems to us that this is still a gamble unless one truly feels their current inventories can withstand the market’s current volatility." TREGNY's CEO Dan Baum added that landlords want their tenants, "The concessions out there right now are pretty aggressive."

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By Jen Chung in News on August 26, 2009 9:49 AM

Comments [rss]

Think2wice

Only $1,300 for a half-finished, walk-in closet!?!

These low, low prices are IIIN-SAAAAAAANE. [jazz hands]

Wza

Still overpriced in my area.

Brooklyn.

whitecastlerock

cry me a fucking river for these scumbag landlords...

JenChungsBaby

Average rent is still over $3500.

schadenfreudian mensch

For a one bedroom, doorman bldg. in Manhattan.

Mr Mel

Supply & demand, my friends. These decreases, slight as they are, will not attract any less people to our borough. It is still a destination for strivers and seekers. Who can blame them?

Kojak

That is true, but in the long term prices will continue to drop, just not as steep as the rest of the country.

Those who raise rents will pay the price for their greed.

corbindallas

So glad I finally bought. Paying the same "rent" for the last 8 Years.

wow 14th street

The times have changed.

Tenants in our building who are not on stabilization are

so desired by our LL to stay that they volunteered to

discuss a rent drop with some of the newer tenants.

A bird in the bush is better than an MT nest.

In any event I wish they had built the new apts. with

sound proofing ,

We can hear the next door neighbors sneeze through the walls.