Manhattan rents drop 

New York /
Jan.January 30, 2008 01:15 PM

Average rents fell this month for Manhattan apartments, according to The Real Estate Group’s monthly market report, defying the traditional seasonal trend of a January rebound after a slow December.
 
The downfall was widespread, encompassing all unit sizes in both doorman and non-doorman buildings. Doorman studio rents were hit hardest, with a 5.4 percent decline from December to $2,608.
 
The next largest drops were in non-doorman one-bedroom rentals, which fell 4.3 percent to $2,807 in the same period, and doorman one-bedrooms, which fell 4 percent to $3,634.
 
Smaller December bonuses on Wall Street could be a factor in the rental market’s dragging, and the Real Estate Group predicts rents could slip through the first two quarters.

Despite the overall drop, some neighborhoods did see increases from December. Rents for all types of non-doorman apartments in Tribeca increased, the report said, most notably two-bedrooms, which jumped 7 percent to an average of $7,442.

Non-doorman two-bedroom apartments in Soho saw the greatest increase, up 9.7 percent from December to an average of $4,484 per month in January.
 
The report omits “ultra-luxury” properties, those priced higher than $10,000 per month.
 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
eXp CEO Glenn Sanford (eXp, iStock)
Virtual broker eXp Realty has another record quarter
Virtual broker eXp Realty has another record quarter
Ira Drukier with the Hotel Chelsea (Getty, Patrick McMullan/Getty)
Chelsea Hotel owners sue city for $100M over renovation delays
Chelsea Hotel owners sue city for $100M over renovation delays
RSA's Joseph Strasburg and Judge Lawrence Marks (Getty, Strasburg via Jeffersons Siegel)
Landlord group challenges state eviction ban
Landlord group challenges state eviction ban
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
(378 West End, 300 West and 567 Ocean Avenue, Getty)
April was best month for new condo sales in 5 years
April was best month for new condo sales in 5 years
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...