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April Showers Bring Manhattan's Rental Market Flowers

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We start to get a little twitchy when we go a few weeks without digging into a rental market report, so today we have the April analysis from the team at The Real Estate Group New York. It continues the recent trend of slightly less scary numbers for the Manhattan rental market. By TREGNY's count, rents are up 1.1 percent since March and, for the first time in a while, up 0.27 percent from 2009. But vacancies are also still rising (by 1.17 percent), leading TREGNY to temper its usually upbeat projections of market recovery: "Given the depths the market fell, in addition to a lack of real employment growth, it seems that it may take longer than landlords anticipated to recover their losses." Shhh, renters, keep the cheering down, okay? The landlords have a headache!

For the second month in a row, TREGNY advises the bargain-minded renter to run to Chelsea, where rents are down 3.88 percent from March for non-doorman one-bedrooms, to "just $2,675." Other bargain basement locations are the Lower East Side, for 2BRs, and the Upper West Side, where non-doorman two-bedrooms have fallen to $2,906/month. Unless you're also expecting a game of tennis, that is.
· Manhattan Rental Market Report: April 2010 [TREGNY]
· Rental Market Report coverage [Curbed]