Rents for Manhattan apartments fell "in nearly all categories and unit sizes, with the exception of doorman two-bedrooms, and year-over-year comparisons showed decreases in all but non-doorman studios," according to a report by The Real Estate Group issued this week.
"Concessions, which have not recently been seen in Manhattan, have become the norm" and "the uncertainty and job loss from the financial markets finally hit Manhattan's rental market toward the end of summer, bringing rising vacancies and tumbling rents," declared Daniel Baum, the chief operating officer of The Real Estate Group.
"The Manhattan market, that was at one time very much favorable to owners and landlords, turned into an unquestionable renters' market in a fairly short period," he continued, adding that "concessions alone will not be enough to return Manhattan's rental market to stability."
The report found that the TriBeCa had the highest mean studio doorman rental prices for 2008, $2,892; followed by SoHo, $2,790; Gramercy Park, $2,717; East Village, $2,697; Lower East Side, $2,667; Battery Park City, $2,653; Greenwich Village, $2,615; Chelsea, $2,610; Financial District, $2,568; Murray Hill, $2,518; Upper East Side, $2,509; Midtown West, $2,475; Midtown East, $2,463; Upper West Side $2,444 and Harlem, $1,337.
For non-doorman mean studio rental prices were highest also in TriBeCa, $2,785; followed by SoHo, $2,378; Gramercy Park, $2,326; Chelsea, $2,258; Financial District, $2,163; Greenwich Village, $2,158; Murray Hill, $2,070; Midtown East, $1,994; East Village, $1,975; Midtown West, $1,949; Lower East Side, $1,863; Upper West Side, $1,855; Upper East Side, $1,828; and Harlem, $1,256.
For two-bedroom doorman mean rental prices, the highest neighborhood was SoHo, $6,867 according to the report; followed by Chelsea, $6,367; TriBeCa, 6,144; Gramercy Park, $6,062; Midtown East, $5,653; Greenwich Village, $5,583; Murray Hill, $5,374; Upper West Side, $5,368; Upper East Side, $5,333; East Village, $5,328; Battery Park City, $5,310; Financial District, $5,201; Midtown West, $5,177, and Harlem, $2,653.
For two-bedroom, non-doorman mean rental prices, the report said that the highest neighborhood was TriBeCa, $7,083; Chelsea, $4,660; SoHo, $4,263; Midtown East, $4,212; Financial District, $4,206; Murray Hill, $3,769; Lower East Side, $3,395; Greenwich Village, $3,361; Upper West Side, $3,275; Upper East Side, $3,216; East Village, $3,104, and Harlem, $2,304.
The report is based on data "cross-sectioned from over 10,000 currently available listings located below 155th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average." The data "is aggregated from the TREGNY proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus)."
"Concessions, which have not recently been seen in Manhattan, have become the norm" and "the uncertainty and job loss from the financial markets finally hit Manhattan's rental market toward the end of summer, bringing rising vacancies and tumbling rents," declared Daniel Baum, the chief operating officer of The Real Estate Group.
"The Manhattan market, that was at one time very much favorable to owners and landlords, turned into an unquestionable renters' market in a fairly short period," he continued, adding that "concessions alone will not be enough to return Manhattan's rental market to stability."
The report found that the TriBeCa had the highest mean studio doorman rental prices for 2008, $2,892; followed by SoHo, $2,790; Gramercy Park, $2,717; East Village, $2,697; Lower East Side, $2,667; Battery Park City, $2,653; Greenwich Village, $2,615; Chelsea, $2,610; Financial District, $2,568; Murray Hill, $2,518; Upper East Side, $2,509; Midtown West, $2,475; Midtown East, $2,463; Upper West Side $2,444 and Harlem, $1,337.
For non-doorman mean studio rental prices were highest also in TriBeCa, $2,785; followed by SoHo, $2,378; Gramercy Park, $2,326; Chelsea, $2,258; Financial District, $2,163; Greenwich Village, $2,158; Murray Hill, $2,070; Midtown East, $1,994; East Village, $1,975; Midtown West, $1,949; Lower East Side, $1,863; Upper West Side, $1,855; Upper East Side, $1,828; and Harlem, $1,256.
For two-bedroom doorman mean rental prices, the highest neighborhood was SoHo, $6,867 according to the report; followed by Chelsea, $6,367; TriBeCa, 6,144; Gramercy Park, $6,062; Midtown East, $5,653; Greenwich Village, $5,583; Murray Hill, $5,374; Upper West Side, $5,368; Upper East Side, $5,333; East Village, $5,328; Battery Park City, $5,310; Financial District, $5,201; Midtown West, $5,177, and Harlem, $2,653.
For two-bedroom, non-doorman mean rental prices, the report said that the highest neighborhood was TriBeCa, $7,083; Chelsea, $4,660; SoHo, $4,263; Midtown East, $4,212; Financial District, $4,206; Murray Hill, $3,769; Lower East Side, $3,395; Greenwich Village, $3,361; Upper West Side, $3,275; Upper East Side, $3,216; East Village, $3,104, and Harlem, $2,304.
The report is based on data "cross-sectioned from over 10,000 currently available listings located below 155th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average." The data "is aggregated from the TREGNY proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus)."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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