More Rent Decline Data - Down significantly going back years

I wonder -- why is it that the UWS and FiDi both had massive drops in studio rentals, but not so much for other sizes of apartments?

Graffiti - two reasons I can think of off the top of my head. 1- there are a LOT of studios and 1BRs (a cheap 1BR is the ultimate competition for a studio) in the area. Most of those brownstones you see on UWS side streets are not one family homes. Most of them have been divided into half a dozen or a dozen studios and 1BRs.

2- The types of people who live in a studio are very very mobile. (I was one for 10 years). They are almost invariably single and most of what they have in the world can fit in a U-haul trailer. If their life circumstances change (for better or worse) they can change their situation the moment their lease is up and move up to a 1BR, back to their parents, or in with a roommate.

I wonder why 2BR, doorman, UES went up.

I think the report is inaccurate. I have been looking for a 2 BR in the UES with my friend since he is relocating from NJ. The prices are dropping. We first started over 2 months ago where everything was in the 4,000+ range, with a broker fee. Now they are mostly 4,000 and some below and no broker fee plus free rent. And these are doorman buildings, not walk ups.

uppereast - maybe a change in mix, with units being rented out as new owners close on high end new construction condos? I'm not sure if this is a large enough part of the market to move the overall average, but there is certainly more Brompton, 255 E 74, 300 E 79 type property on the rental market than there was a year ago. And more coming.

See article in the NYT about a week ago about parents moving to the UES for the excellent PS6 as plans for private schools are scrapped for budget reasons. Some owners are renting out their places on the UWS so they can live in the PS6 district. "The Sudden Charm of Public School" 4/5/9 http://www.nytimes.com/2009/04/05/realestate/05Cov.html?_r=1&scp=1&sq=ps%206&st=cse