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