The rental market was probably never happier than when it saw the back of 2010, a year of rising vacancy rates and roller coaster rent numbers. The year closed on a note of stability and warnings to renters that the good times were over, and now there's more data to back that up. Rents have been nearly flat month-to-month, but as in January, the year-over-year differences are where signs of improvement (for landlords) start to show up. According to the February numbers from TREGNY, rents are 8 percent higher than they were in February 2010. Except for residents of doorman studios, who are looking at rents up 10.31 percent. That means average rents are now less than 1 percent below where they were in 2008. Nice while it lasted, renters, wasn't it?
· Manhattan Rental Market Report [TREGNY]
· Rental Market Report coverage [Curbed]