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Manhattan Rents Down, Inventory Up This Month
By
Jen Chung
Published Oct 28, 2008
Modified Oct 28, 2008
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By
Jen Chung
Published Oct 28, 2008
Modified Oct 28, 2008
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The Real Estate Group released its "Manhattan Rental Market Report" today and found that October rents were, as expected, lower: "As we are entering into the historically sluggish fourth quarter, we normally expect to see a seasonal slowdown. In step with these trends, rents are down across the board this month and inventories, which had previously been in a two–month decline, are back up sharply." Overall, the report finds that rents have fallen many unit types--rents have fallen 7.23% in doorman studios since last year (non-doorman studio rents are down almost 2%)-- and though some landlords are offering concessions, "this effort does not seem to be enough to right a market that is being heavily influenced by economic factors, above all being unemployment." More facts and figures here.
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Manhattan rentals
real estate
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studio apartment
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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