Manhattan rents drop
Average rents fell this month for Manhattan apartments, according to The Real Estate Group's monthly market report, defying the traditional seasonal trend of a January rebound after a slow December.
The downfall was widespread, encompassing all unit sizes in both doorman and non-doorman buildings. Doorman studio rents were hit hardest, with a 5.4 percent decline from December to $2,608.
The next largest drops were in non-doorman one-bedroom rentals, which fell 4.3 percent to $2,807 in the same period, and doorman one-bedrooms, which fell 4 percent to $3,634.
Smaller December bonuses on Wall Street could be a factor in the rental market's dragging, and the Real Estate Group predicts rents could slip through the first two quarters.
Despite the overall drop, some neighborhoods did see increases from December. Rents for all types of non-doorman apartments in Tribeca increased, the report said, most notably two-bedrooms, which jumped 7 percent to an average of $7,442.
Non-doorman two-bedroom apartments in Soho saw the greatest increase, up 9.7 percent from December to an average of $4,484 per month in January.
The report omits "ultra-luxury" properties, those priced higher than $10,000 per month.
Comments
NOVAC NOURY
ATT EDITOR OF REAL DEAL RE:MANHATTAN RENT DECLINE
WOULD YOU KINDLY GIVE UPDATE IN COMMERCIAL RENTAL
DEMAND RE; MEATPACKING DISTRICT/CHELSEA FOR BUILDINGS ADJACENT THE MILE 1/4 HIGHLINE PARK OR BUILDING WITH HUDSON RIVER / TWIN TOWER VIEW
THANK YOU NOVAC NOURY
Comment #0 Posted By: NOVAC NOURY 01/30/08
Anonymous
Does anyone know what the average/median current rents are for doorman two-bedrooms on the Upper West Side?
Comment #1 Posted By: Anonymous 01/31/08
The CAT
This is great news. The prices in NY state in general are inflated, especially in the other boroughs. House prices are still at least 30-40% overvalued and don't follow wage increases. Unfortunately for landlords the rents need to follow these same fundamentals so we'll see cheaper rents.
I know alot of you may need that rent to pay mortgages, bills and all that but you all must have known that this market had to be fake. Using common sense, when RE prices doubled over the last couple of years and salaries stayed flat you should have been suspicious. Tough break ya'll, time to face reality, you got played.....
Comment #2 Posted By: The CAT 01/31/08
The CAT
This is great news. The prices in NY state in general are inflated, especially in the other boroughs. House prices are still at least 30-40% overvalued and don't follow wage increases. Unfortunately for landlords the rents need to follow these same fundamentals so we'll see cheaper rents.
I know alot of you may need that rent to pay mortgages, bills and all that but you all must have known that this market had to be fake. Using common sense, when RE prices doubled over the last couple of years and salaries stayed flat you should have been suspicious. Tough break ya'll, time to face reality, you got played.....
Comment #3 Posted By: The CAT 01/31/08
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