Manhattan’s rental market continues to sit at what appears to be the bottom of its downturn, the Real Estate Group of New York speculates in its February report.
Rents remain virtually flat in month-to-month comparisons, “up” on average 0.19 percent. But the gap between year-over-year figures is closing slightly, the brokerage says; rents were down only 2.99 percent vs. 2009.
Doorman vacancies were down 9.65 percent and overall inventories were down 3.02 percent.
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“Since February has historically been a slow month for the rental market, this decrease in inventories coupled with prices holding steady is a positive indicator that the market is gaining some strength,” the company said. Even though Manhattan rents have stopped falling, it added, “the rebound is likely to be a much slower process than landlords anticipated.”
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