Manhattan rental market flat, report says

February 23, 2010 12:11PM

The Manhattan rental market showed little movement this past month, according to the Real Estate Group NY’s mid-month February 2010 report, with rents climbing just .19 percent since last month (see the full report below). While the vacancy rate continued to decrease, particularly among doorman units, which saw inventory drop 9.65 percent month-over-month, the report described the market as sluggish. “Downward seasonal pressure combined with positive market trends to hold rents flat this month,” the report said. “Yet… landlords are finding that the bottom of the market is not the reprieve they were hoping for… the rebound is likely to be a much slower process than landlords anticipated.” The most expensive units on the market were non-doorman two-bedroom Tribeca apartments, which had average rents of $7,297 per month, while the lease expensive units were Harlem non-doorman studios, with an average rental rate of $1,394. These figures, are based on data cross-sectioned from over 10,000 currently available listings located below 155th Street, the report indicates. TRD
February 2010 Snapshot