Manhattan rental market remains below 2008

Manhattan rents, courtesy of the Real Estate Group.

The Manhattan rental market continues to lag in year-over-year performance, but November rents remained relatively stable versus last month, according to the Real Estate Group of New York.

Overall, rents in the borough fell only 0.03 percent during the normally slow month of November.   The largest price change actually was an increase of 1.12 percent in doorman one-bedroom units.  Supply fell 5.36 percent overall, but it was down 11.94 percent in non-doorman units.  The firm’s report observed: Continue reading