The world was in a fragile state last November, but Manhattan landlords were still making out good. Studios in non-doorman buildings averaging over $2,000 a month? Ah, those were the days, but the latest monthly Manhattan rental market report from our friends at brokerage The Real Estate Group New York backs up what we already know: Rents are down from last year, the numbers still slightly padded by incentives not factored into the calculations. However, TREGNY notes that the annual seasonal decline during the cold months didn't really show up in the November '09 numbers, as rents compared to the previous month were pretty much flat. Sign of stabilization, or is it just that the Manhattan market can't fall any further? Anecdotes from the front lines always welcome, renters. In the meantime, a look at the expensive and cheap stuff.
According to the chart above, non-doorman studios in Tribeca are averaging out to be more expensive than doorman studio rentals. What gives? One theory is that the limited rental stock in Tribeca was swayed by the newness of Truffles Tribeca, which probably brought the doorman numbers down a bit by renting out a slew of studios in the $2,000/month range. Another theory: The chart guy is drunk. Click through to the report for the full neighborhood-by-neighborhood breakdown.
· Manhattan Rental Market Report [TREGNY]