Manhattan rents drop 

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.

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