Manhattan Rental Market Stagnant Amidst Peak Season
Manhattan real estate market not doing as well as hoped, in the middle of peak rental season.
New York, NY (PRWEB) June 25, 2008 -- The Real Estate Group's June Manhattan Rental Market Report, released today, indicates that the city's rental prices have remained level from the beginning of the year in spite of expectations to the contrary. Summer is a season when rents should be rising and inventory should be falling, yet there has been remarkably little change and, while there have been slight price increases in certain categories--such as doorman two-bedroom apartments where rents have risen $157 on average since January--there have also been decreases. Doorman studios and non-doorman one-bedrooms, for example, are at their lowest points all year, suggesting that the market may not be as robust as many would like it to be at this time. Inventory continues to mount and it appears that the overall climate of the market is uncertain.
"There are many places in which prices are still holding steady, however, inventories are not being absorbed as quickly as in prior years and the general tone of the market seems to be a bit skeptical," says Daniel Baum, COO of The Real Estate Group. "Many building owners are offering owner-paid fees, a move generally reserved for down markets. The OPs are a good move by landlords to increase demand, which should help keep the market steady as we head deeper into the busy season."
There are pockets of growth where rental prices for specific apartment sizes and service levels have reached their highest points in 12 months--like in Gramercy Park where non-doorman studio prices jumped 11.6% to $2,446 and the East Village where doorman two-bedroom rents rose 7.4% to $5,657--but there are also areas where rents are at their lowest. Financial District non-doorman one-bedrooms, the prices of which have been inconsistent for the last 12 months, have settled at $2,851, and similar units in a number of other neighborhoods have decreased as well.
A comprehensive update on price changes in individual Manhattan neighborhoods can be found in the Quick Look section on pages 4-7 of the Manhattan Rental Market Report: http://www.tregny.com/manhattan_rental_market_report.
The Real Estate Group is a residential sales and rentals brokerage firm. The company's Manhattan Rental Market Report, the only research on Manhattan rental data released on a monthly basis, is frequently cited by the media as a guide to the current state of the city's rental market. More about the firm can be found on its Web site: http://www.tregny.com/.
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