Tenant incentives and lower rents should be the order of the day, every day, for 2009, according to the Real Estate Group New York's 2008 Manhattan rental market report. The report (PDF) predictably shows rent drops across the borough last year. Doorman-building studios, for instance, dropped 7.38 percent and non-doorman two-bedrooms dropped 5.58 percent from January to December.
Here's TREGNY principal Daniel Baum: "I strongly recommend that owners and landlords continue to be aggressive in protecting their portfolios from rising vacancies. Offering concessions, paying broker fees and, when necessary, dropping rents will help keep units occupied."
Got that, landlords? Tenants, go forth!
Copyright Obser - Observer
