Off The Wall [Manhattan New York]
How weak is the Manhattan rental market these days? Well, if things keep going the way they have been, you might want to slip your next rent check inside a sympathy card before giving it to your landlord.
According to numbers from the Real Estate Group New York, rents are down across the board in Manhattan. Non-doorman studios, one-bedrooms and two-bedrooms and doorman studios and one-bedrooms are all renting for less than they were at this time last year. Only doorman two-bedrooms saw prices rise compared to those of the previous year, and the average rent increase was less than 1 percent.
Bond New York principal Bruno Ricciotti says that since the Wall Street crisis came to a head in September, he’s seen rents for some units fall 10 to 30 percent.
“They’re the steepest price drops that I’ve seen in the 12 years that I’ve been in the business,” he says.