That, dear friends, is the supposition of the latest monthly rental report from The Real Estate Group of New York. Writes TREGNY's Daniel Baum:
For the first time in some months, prices are beginning to hold in the rental market. Both rents and vacancies across the city have remained virtually flat this month—a good sign for the health of the market. The greatest price change was only -1.41% in non-doorman studio units—which is a good indicator to us that a majority of the market is starting to find equilibrium, at least in a month-to-month comparison.Of course, the stabilization comes after at least a year of overall declines; doorman studios across the city are down 10.39% since April 2008, for instance, per TREGNY. They've got their usual neighborhood-by-neighborhood tracking too, all of which begs the more crucial question: for those hunting in the rental market right now, how much of this rings true? Reports from the front lines welcomed, nay, encouraged.
· Manhattan Rental Market Report, April 2009 [TRENGY]