Manhattan rents remained relatively flat month-over-month, according to
TDG/The Real Estate Group of NY’s December Manhattan residential rental
market report released today (see full report after the jump). Doorman units saw a 1.19 percent drop in price in December, according to the report, which covers Nov. 15 to Dec. 15, while non-doorman units actually saw a price increase of .87 percent.
Meanwhile, year-over-year, doorman apartments were hit the hardest, price-wise, the report says, while non-doorman units saw more moderate price declines. Apartment rental prices for doorman buildings dropped 5.79 percent compared to 2008 and non-doorman units declined just 1.74 percent.
The flat month-over-month activity bucks the downward seasonal trend typically seen in the winter rental market, the report says.
Even so, non-doorman units saw a 6.08 percent rise in vacancies from last month, something that could precipitate a price decline in that type of unit, said Andrew Barrocas, COO of TDG/TREGNY. More