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Year-End Rental Report: Sour Finale for Manhattan Landlords

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Rental brokerage The Real Estate Group New York has released its year-end look at the Manhattan rental market, and to the surprise of no one, it's filled with bad news for landlords and hope for tenants?those still with jobs, of course. Year-over-year comparisons (seen in the charts above) show drops in all monitored categories except for non-doorman studios. According to TREGNY, December was the worst month for landlords, with most units "down significantly." The concessions offered by landlords in the waning days of 2008 should continue and multiply through 2009. Those looking for deals should probably head to Gramercy; a quick glace at the report's neighborhood-by-neighborhood breakdown shows some stunning drops in the area, including a 20% decline in rents on non-doorman two-bedroom apartments.
· Manhattan Rental Market Report [TREGNY]
· Rental market coverage [Curbed]