Asking rents for units in doorman buildings in Manhattan this month are down 5.79% compared with December 2008, according to the Real Estate Group of New York. But rents in non-doorman units are off just 1.74%.
From November to December, rents for doorman units slipped 1.19%, yet non-doorman units rose 0.87%.
Vacancies climbed 2.89% higher than November numbers. Although non-doorman units have maintained pricing, their inventories rose by 6.08%. At the same time, doorman units, which had modest discounts this month, maintained inventories; they went up only by 0.43% in December. As the group’s report put it:
“Renters have welcomed the discounts on doorman units and continue to keep inventory levels stable. . . Renters are looking for deep discounts and perceived value.”
Regarding two-bedroom units, they have continued to remain the most stable size category. Such units are holding prices again this month and actually increased their average price by 1% since November.
Depending on how reliable are the numbers, which are issued monthly, the implication seems to be that anyone who doesn’t need a two-bedroom apartment or a doorman should rent quickly, before landlords have their way with you.
If it’s a doorman building you crave, hey, take your time.
And if you want to move, change your lifestyle and own a piece of the island, this may well be the right time to act. But as always, I can argue both sides of that decision since I am no more prescient than anyone else about three critical variables:
- Mortgage rates
- The strength of the economy
- The moment that the housing market hits bottom
What’s your opinion?
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022