The Real Estate Group, always fashionably late to the market report party, just released its big 2007 year-end study of the Manhattan rental scene. The numbers are not shocking, given the minuscule amount of inventory out there: citywide price gains averaged between 2.2% and 6.5% in most categories. Non-doorman, two-bedroom units saw a 14.1% jump from this time last year (Stuy Town effect, perhaps?). The real fun in TREGNY's report is, of course, the neighborhood breakdowns. Soho seems to have taken a hit in 2007, including a whopping 35% drop on those supposedly precious non-doorman two-bedrooms. Over on the Lower East Side, doorman building rents were way up?including a nearly 33% rise for studios. You can thank The Ludlow for that one. We're always thanking The Ludlow for something around here, just to be safe.
· The Year End Manhattan Rental Market Report 2007 [TREGNY]
· Fourth-Quarter Sales Reports: Holy Crap, Will This Ever End? [Curbed]