TREGNY - "continued downward pressure" on Manhattan rentals

I believe it. Out there looking right now. Here is what I see:

- Lots of lower-end stock being newly renovated.
- All the brokers end a viewing with "make an offer"
- a bunch of the inventory has been out there for a while and have price decreases.

With all the new rental buildings and new development condos yet to be filled in Fidi, LIC, Williamsburg, Downtown Brooklyn and elsewhere in NYC, why won't we have years of weakening rents? For the foreseeable future, space available will exceed the lease eligible population, and landlords will be willing to deal. Every year, landlords will drop rents a bit more. I see no end to this vicious cycle until the job market improves.

I thought it would be harder to beat a 69% drop in rental volume YtoY like it happened last August.
Obviously, things can get worth...

Everybody keeps mentioning shadow inventory; is there a way to find out the true vacancy rates- Especially in the buildings managed by the "big" management companies who claim to have only 2 or 3 vacancies per month?

SteveFFFFFFF...will hope and confidence negate this article?

SteveF is busy today. He's in foreclosure.