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Rental Market Is Stable Enough for Christmas to Proceed

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Before we close the book on 2009, brokerages everywhere want to leave you with some December market stats to take into the new year. Consider it their coal in your stocking! The good folks at The Real Estate Group New York have released their latest rental report, which, actually, attempts to be as cheery as possible. Rents mostly stayed flat month-to-month. Compared to last December, doorman unit rents have fallen 5.79 percent, but non-doorman units are down only 1.74 percent. Renters have responded by going for the doorman units, pushing the non-doorman vacancy rate up by more than 6 percent this month. As usual, none of these figures factor in incentives, but according to TREGNY, the more aggressive incentives of early '09 are no more anyway, and landlords are settling in to this bumpy ride with less hitting of the big red panic button that dispenses free rent.

Downtown is still where the pricing is highest, and another odd trend from November continues: non-doorman studios in Tribeca are still more expensive than doorman ones. The consistency perhaps gives the lie to our drunk chart guy theory, so it's a head-scratcher. While pondering, click through to the full report for more neighborhood-specific nuggets. As always, reports of what it's really like out there on the rental market will be welcomed with gratitude, and the itchy sweater our grandmother knits us for Christmas, if anyone wants it.
· Manhattan Rental Market Report: December 2009 [TREGNY]
· Market report coverage [Curbed]