The cheering stats in the third-quarter market reports led some to expect a brighter-than-usual winter. If spring was summer, perhaps summer would be fall. But, as TREGNY puts it in its hot off the presses October rental market report, "while we continue to hold onto hope that this may be yet to come, the numbers this month indicate that this may not be the case."
What do the numbers indicate? Rents have risen in what TREGNY calls "trendier" areas, like Tribeca and Soho, where average rental prices range from $3,119 for a studio to $7,241 for a two-bedroom, as renters use the market downturn to upgrade. But in most other Manhattan neighborhoods, rents have been flat.
Other sad stats: inventory and vacancy figures are higher. Vacancies in Manhattan rose 1.72 percent this month, the most sizable increase in six months. What does this mean for the winter rental market? TREGNY, at least, has its gloom glasses firmly on: "It is this glut of inventory combined with a still unstable employment picture that leads us to expect continued downward pressure on the market this winter."
· October Manhattan Rental Market Report [TREGNY]
· Market report coverage [Curbed]