Manhattan Rental Market Might Be Headed for Flat Terrain

Tuesday, Dec 8, 2009  |  Updated 2:02 PM EDT
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Manhattan Rental Market Might Be Headed for Flat Terrain

CitiHabitat

Rents are still falling from last year's levels, but decreased only slightly between this October and November, according to today's still-piping-hot November market data from Citi Habitats. Rents for studios fell 4 percent from last November, one- and two-bedroom rents dropped 6 percent, and rents for three-bedrooms fell 5 percent. Changes from month-to-month were tinier in all categories, falling 1 or 2 percent or staying flat when compared to October. (None of these figures factor in landlord freebies.) Hood by hood, Soho and Tribeca have remained priciest. The vacancy rate also stayed flat at 1.87 percent and was highest, at 2.22 percent, in Battery Park City and FiDi. The fact that rental and vacancy figures have been fairly consistent in the off-peak winter months spells stability to the folks at Citi Habitats: "Clearly, the rental market has found its footing and we may not see fluctuations in price and vacancy rates this off-peak season." Bold predictions. Who sees that footing getting tripped up?
 

Copyright © 2009 Curbed NY

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