I've been tracking Manhattan rentals (looking to move). Prolly off 15-20% (net with free months, visa cards, etc) just since September. Some neighborhoods appear hit harder than others though volume is not statistically significant yet. But for the very best deal, it is cheaper $PSF in some cases now to live in Manhattan than it is in premium Westchester (Scarsdale, Rye). Question to the... [more]
I've been tracking Manhattan rentals (looking to move). Prolly off 15-20% (net with free months, visa cards, etc) just since September. Some neighborhoods appear hit harder than others though volume is not statistically significant yet. But for the very best deal, it is cheaper $PSF in some cases now to live in Manhattan than it is in premium Westchester (Scarsdale, Rye).
Question to the community:
1) What year/era do we go back to and does anyone have a reliable data source for rentals going back 15 years?
If we have deflation with deleveraging, and the inevitable mean reversion...historical rents may be instructive. For historical comparison, a 2BR/2Ba in my neighborhood was about 1,900-2,200 in the mid 1980s and didnt get to 3,000 until late '90s (lit searches)....but this may not represent all Manhattan (plus there are spikes and drops running up to 87 and 00), but you get the idea....eg housing medians (though flooded with foreclosures) are already off 4-8 years of gains leading to the 06-07 peaks depending upon what state you are in (per Case Shiller).
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