Rent declines in 2009 were slow but steady

Manhattan’s rental market opened 2009 with a continuation of the downward trends that began in the fall of 2008, reports the Real Estate Group of New York, which noted that landlords quickly saw that incentives were needed to decrease inventories.

“Manhattan rapidly became a no fee market.”

The chart below (which, I’m sorry to say, is hard to read), summarizes the report: Continue reading