More Heavy Rental Declines - Manhattan "appears to be missing its summer peak,"

http://curbed.com/archives/2009/07/21/market_reports_manhattan_rentals_take_summer_off.php The news keeps getting grimmer for the Manhattan rental market. Recent headlines include an uptick in vacancies and some fairly disheartening spring numbers, and now brokerage The Real Estate Group has issued its July report, with the gist being more heavy declines over 2008—including a double-digit drop in... [more]

http://curbed.com/archives/2009/07/21/market_reports_manhattan_rentals_take_summer_off.php The news keeps getting grimmer for the Manhattan rental market. Recent headlines include an uptick in vacancies and some fairly disheartening spring numbers, and now brokerage The Real Estate Group has issued its July report, with the gist being more heavy declines over 2008—including a double-digit drop in one-bedroom apartments in doorman buildings. It gets worse, landlords. Summer is usually when the market heats up, but the sizzle has fizzled and now the rental season is looking about as promising as the weather. And if you're reading this in the Curbed archives at some point in the distant future: the weather totally sucks! According to TREGNY rents were flat or declined from June to July, and demand for inventory hasn't picked up. Manhattan "appears to be missing its summer peak," the market report introduction opines ominously. In an accompanying press release, TREGNYs COO says a bad July could mean a bad fall [less]