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Manhattan Rental Market Report
December 2009
The Real Estate Group NY
 
115 East 23rd Street, 2nd Fl, New York, NY 10010
Phone: 212.475.9000
Fax: 212.475.9009
info@tregny.com
www.tregny.com
 
The Real Estate Group NY
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
December 
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
 
The Real Estate Group NY
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
December 
2009
The Real Estate Group NY is proud to present the December 2009 edition of our Manhattan Rental MarketReport, the only research on the city’s rental rates published on a monthly basis.This month, asking rents continue to buck downward seasonal trendsby remaining
fl
at vs. last month. While the data continues to lag 2008numbers, there is a clear disparity between units with and without service.Doorman units are down 5.79% compared to December 2008, whilenon-doorman units are only down 1.74% vs. last year. Non-doormanunits, however, show much more modest changes, declining 1.19% vs.November while non-doorman units are actually up 0.87%.And as we continue to see, whatever prices do, vacancies will follow.Renters have welcomed the discounts on doorman units and continue to keep inventory levels stable. Non-doorman vacancies, however, rose by 6.08% this month – reinforcing that renters are looking for deep discountsand perceived value.As the New Year approaches, the good news is that Manhattan’s rental market appears to be stabilizing to someextent. Many of the aggressive incentives that were previously being offered this year have been scaled back andlandlords seem to be increasingly comfortable with their situations.Though the outlook for 2010 is still uncertain, the data does offer some hope for improvement.
Introduction
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