Rents, which generally decrease in the fall, were relatively flat this month, but the Real Estate Group of New York reports that prospective tenants seemed to be pushing up prices in trendy neighborhoods such as SoHo and TriBeCa.
On average, Manhattan rents were off approximately a half percent from September, and supply was rising again. Inventory in Manhattan went up 1.72 percent, posting the first significant increase in vacancies in six months. The biggest month-to-month change was in doorman studio units, which increased 2.09 percent. (You’ll find much more on the Manhattan housing market in my free bi-weekly e-newsletter.)
Inventories are back on the rise. The increase in Manhattan vacancies was the first significant rise in six months. It is this glut of inventory combined with a still unstable employment picture that leads the Real Estate Group to expect continued downward pressure on the market this winter.
Vacant units were up 1.72-2.71% in non–doorman buildings and 0.87% in doorman buildings.
Many neighborhoods and categories have hit the lowest numbers since the Real Estate Group data recording began in 2007. From landlords’ point of view, the numbers are not good, the firm declares:
“In addition, the increase in inventory on the market is not a positive sign as this glut of units is likely to continue and possibly create more downward pressure on the market throughout the New Year.”
Of course, the news is pretty terrific for prospective tenants.
You can read the entire report and wade through all the charts.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022