"While activity has increased, the numbers have not shown significant improvement. Rents have stabilized, but at levels nearly 10% back from already depressed 2008 numbers. And although vacancies showed improvement this month, they have yet to establish the trend necessary to absorb the considerable amount of excess inventory that is continuing to depress the market. As Manhattan heads towards the... [more]
"While activity has increased, the numbers have not shown significant improvement. Rents have stabilized, but at levels nearly 10% back from already depressed 2008 numbers. And although vacancies showed improvement this month, they have yet to establish the trend necessary to absorb the considerable amount of excess inventory that is continuing to depress the market.
As Manhattan heads towards the traditionally slower winter months, it seems unlikely that the market will rebound in 2009. Given the depth that the market has fallen to date, significant gains are necessary for a recovery. Such increases, which would have been a stretch even for the summer market, are even more unlikely to occur during Manhattan’s slower seasons."
http://www.tregny.com/manhattan_rental_market_report#les-lower-east-side[less]
