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Manhattan Rental Market Report
October 2009
TDG/The Real Estate Group
115 East 23rd Street, 2nd Fl, New York, NY 10010
Phone: 212.475.9000
Fax: 212.475.9009
info@tregny.com
www.tregny.com
TDG/The Real Estate Group
115 East 23rd Street, 2nd Fl, New York, NY 10010
Phone: 212.475.9000
Fax: 212.475.9009
info@tregny.com
www.tregny.com
2
Manhattan Rental Market Report
October
2009
Introduction
3
A Quick Look
4
Mean Manhattan Rental Prices
8
Manhattan Price Trends
10
Neighborhood Price TrendsUpper West Side
11
Upper East Side
12
Midtown West
13
Midtown East
14
Murray Hill
15
Chelsea
16
Gramercy Park
17
Greenwich Village
18
East Village
19
SoHo
20
Lower East Side
21
TriBeCa
22
Financial District
23
Battery Park City
24
Harlem
25
The Report Explained
26
Table of Contents
TDG/The Real Estate Group
115 East 23rd Street, 2nd Fl, New York, NY 10010
Phone: 212.475.9000
Fax: 212.475.9009
info@tregny.com
www.tregny.com
3
Manhattan Rental Market Report
October
2009
TDG/TREGNY is proud to present the October 2009 edition of our Manhattan Rental Market Report, the onlyresearch on the city’s rental rates published on a monthly basis.Manhattan’s fate this fall was less transparent than in years previous.While the temperature drops and the leaves fall, we traditionally expectthe summer’s
fl
urry of activity to cool as well. This year, however, thealready muted summer months led to speculation that this autumn maybring a delayed wave of new renters to the city and with them, sustainedrental prices. While we continue to hold onto hope that this may be yet tocome, the numbers this month indicate that this may not be the case.Rents, which generally decrease in the fall, are relatively
fl
at this monthwhich is a good initial sign for the start of the season. It also seems as though renters that are in the market aretaking advantage of the downturn to stake their claim on units in trendier neighborhoods. This extra demand hasallowed areas like SoHo and TriBeCa to see upticks in rental prices.Inventories, however, are back on the rise. Vacancies around Manhattan increased 1.72% this month – the
fi
rst signi
fi
cant increase in vacancies in six months. It is this glut of inventory combined with a still unstableemployment picture that leads us to expect continued downward pressure on the market this winter.
Introduction
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