Rents down, inventory up in October

October 28, 2008 12:40PM

Seasonal trends are not enough to explain the decline in Manhattan rents and the increase in inventory seen this month, and concessions from landlords have not been enough to correct a slowing market, according to the October Manhattan rental market report from the Real Estate Group.

Rents in non-doorman one- and two-bedrooms and doorman studios and one-bedrooms are down from their October 2007 levels. The doorman studio submarket has been hit particularly hard, with a 7.23 percent decline from last October.

Only non-doorman studio and doorman two-bedroom rents have increased since October 2007, the report said.

In Gramercy Park studios and Lower East Side one-bedrooms, rents have declined steeply, down 8.41 percent in non-doorman studios in Gramercy Park and 9.77 percent in Lower East Side doorman one-bedrooms. Harlem continues to have the lowest rents in all categories. TRD

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