Have Manhattan rents reached their bottom?

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.

Click to expand and check out different neighborhoods.

“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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Malcolm Carter
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Charles Rutenberg Realty
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Manhattan rents were generally flat in October

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.)

The Real Estate Group of New York rent report

The charts above are taken from the Real Estate Group's report.

Inventories are back on the rise. Continue reading