March rental report: yoy rent declines continues

So much for Jim Jones kool aid. Vacancies UP, y-o-y rent declines once again. Year-over-year Changes Non-Doorman Doorman March '09 March '10 Change March '09 March '10 Change Studios $1959 $1930 -1.48 $2316 $2253 -2.71% One-bedrooms $2624 $2595 -1.11% $3329 $3276 -1.59% Two-bedrooms $3738 $3675 -1.68% $5129 $5101 -0.54%Price INCREASES in some segments "non-prime Manhattan", "Harlem— Doorman... [more]

So much for Jim Jones kool aid. Vacancies UP, y-o-y rent declines once again. Year-over-year Changes Non-Doorman Doorman March '09 March '10 Change March '09 March '10 Change Studios $1959 $1930 -1.48 $2316 $2253 -2.71% One-bedrooms $2624 $2595 -1.11% $3329 $3276 -1.59% Two-bedrooms $3738 $3675 -1.68% $5129 $5101 -0.54%Price INCREASES in some segments "non-prime Manhattan", "Harlem— Doorman one-bedrooms (1.11%), doorman two-bedrooms (1.80%)... ...Midtown West— Doorman studios (0.49%), non-doorman one-bedrooms (3.52%), non-doorman two-bedrooms (2.95%)... ....East Village— Non-doorman studios (6.69%), doorman studios (7.96%), doorman one-bedrooms (4.02%), non-doorman two-bedrooms (6.79%)... ...Lower East Side— Non-doorman studios (4.60%), doorman studios (6.76%), non-doorman one-bedrooms (5.92%), doorman one-bedrooms (3.70%), doorman two-bedrooms (5.84%) ...Financial District— Doorman one-bedrooms (2.74%), doorman two-bedrooms (2.77%) Battery Park City— Doorman one-bedrooms (5.71%), doorman two-bedrooms (1.68%)..." also price DECREASES in some segments of "Prime Manhattan." So again, every single thing he said is wrong. "Chelsea— Non-doorman studios (-1.69%), doorman studios (-1.78%), non-doorman one-bedrooms (-2.69%), non-doorman two-bedrooms (-0.75%)... ...Gramercy Park— Non-doorman one-bedrooms (-1.74%), non-doorman two-bedrooms (-1.07%) Greenwich Village— Non-doorman studios (-0.30%), doorman studios (-3.79%), doorman one-bedrooms (-1.74%), non-doorman two-bedrooms (-4.41%), doorman two-bedrooms (-4.23%)... ...SoHo— Non-doorman one-bedrooms (-2.31%), doorman one-bedrooms (-6.62%)" http://www.tregny.com/manhattan_rental_market_report [less]