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Rental Market: The Canary in the Coal Mine

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Brokerage Citi Habitats released a Manhattan rental market report that looks back on 2004-2008 and concludes that rentals were slow to adjust to the boom, but quick to reel in increases. The Real Deal summarizes: "Between 2005 and 2006, rents in every category spiked more than 9 percent. The average rent for a studio apartment in 2006 was $1,995, up 9.5 percent from $1,822 the year before. Rent for one- and two-bedrooms rose 9.1 percent, while three-bedrooms climbed a breathtaking 13 percent to an average of $5,534. By 2007, the eye-popping increases had begun to slow, though it would be another year before the Wall Street meltdown barreled in Manhattan." [Real Deal; report available here]