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Lower Manhattan Rental Market Finally Lifting Off?

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The sales market may be slowing down, but the market watchers at The Real Estate Group New York aren't letting anything dampen their enthusiasm about the Manhattan rental market right now. According to the firm's October stats, rents have gone up 0.7 percent since September and 5.52 percent since 2009. And, says TREGNY, "if even modest employment growth continues, this year's rental market may even be able to avoid some of the negative seasonal trends that have stifled growth in the past." Big claims! Does the neighborhood evidence back them up? Maybe, if we look to Lower Manhattan.
Down in Battery Park City and FiDi, residential rents went up 2.67 percent between September and October. And according to some Downtown Alliance numbers reported in Crain's, 1BR and 2BR apartment rents went up 12 and 7 percent from this time in 2009. That's the first year-over-year increase in more than a year. Of course, Crain's reminds us that the Lower Manhattan rental liftoff could crash back to earth soon enough on a rocket ship called Beekman Tower. Say it ain't so, Beek!

As for the rest of Manhattan's submarkets, here's TREGNY's most recent neighborhood breakdown:

· October Manhattan Rental Market Report [TREGNY]
· Apartment rents rising faster downtown [Crain's]
· Rental Market Report coverage [Curbed]