Manhattan Rental Market Report - December, 2008

here are the quick stats... all YoY...

NON-DOORMAN
Studios -2.04%
one–bedrooms -6.53%
two–bedroom -3.39%

DOORMAN Change
Studios -9.20%
one–bedrooms -5.70%
two–bedroom 0.61%

Interestingly enough, January rents were LOWER than the previous december.... so, if that trend holds, its not going to be pretty....

Rent now! Don't wait!

"Start NOW. Renters looking to make a move soon should start looking now. The first quarter has historically brought a seasonal rebound to Manhattan, which will mean more competition and a less–favorable environment for renters. While we can’t predict what 2009 will hold, we can see clearly that now is an opportune time for renters to get into the market. We advise renters not to hold out waiting for the “bottom” of the market. Those who wait nearly always miss the window, as the only way to know when the market has hit the bottom is by seeing it in hindsight. "

> The first quarter has historically brought a seasonal rebound to Manhattan,

Look at the by month charts... that doesn't seem to be the case, at least for last year.

How do you apply these drastic price drops in rent for apartments that were successfully rented when considering making an offer for an apartment that has been standing for some time and has no takers?

consider that many of the apartments rented might have been sitting before they were rented....

But, I figure you should have no problem offering 10% below the comps... if not more.

> > The first quarter has historically brought a seasonal rebound to Manhattan,

> Look at the by month charts... that doesn't seem to be the case, at least for last year.

Yep. The seasonal trend up is during late spring/early summer when new grads come to town. Going to be less impact this year though...