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Lower Manhattan Rentals Fell 70 Percent in Early November

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Hurricane Sandy had, obviously, a substantial impact on Lower Manhattan, with many tenants still unable to return home and considering breaking their leases. Appraiser and Curbed graph guru Jonathan Miller decided to compare the area's rental activity in the first weeks of November with the same numbers from last year to judge Sandy's impact. That impact: significant. There was a 69.8 percent drop in rentals in the zip codes of 10280, 10004, 10005, and 10006 compared to the numbers from last November. Miller explains that the decline comes from "buildings being off line and there being initial access issues, not lack of demand?inventory remains tight and it is hard to see much in the way of a reprieve in rental price levels as a result of the storm." Above, a map showing rentals for the first few weeks of this month.

Here's what November 1 to 21 looked like in 2011:

· Lower Manhattan's Early November Rental Activity Down 70% Y-O-Y [Miller Samuel]
· Market Analysis archive [Curbed]