Finally Some Good Real Estate News—For NYC Renters

So we know the following bits of real estate news aren’t great for brokers but for increasingly poorer people trying to rent apartments in New York, they’re welcome developments.

Bloomberg: Manhattan apartment rents fell for a fourth consecutive month in November and vacancy rates reached 2 per cent for the first time in almost two years as Wall Street’s financial turmoil took a toll on the housing market.

Rents dropped 2.2 per cent to 4.9 per cent across all sizes of apartments, with the biggest drop in the smallest flats. Studios rented for an average of $1,808, down from $1,901 in October, New York-based real estate broker Citi Habitats said today in a report…

The city’s most expensive neighbourhood remained the Soho/TriBeCa area, with studios renting for an average of $2,395, one bedrooms for $3,637, two bedrooms going for $5,300 and three bedrooms for $7,045…

The least expensive neighbourhood south of 96th Street for studio apartments, two- and three-bedroom apartments was the Lower East Side. Studio rents there fell 1 per cent to $1,600 a month, two bedrooms declined 3.2 per cent to an average of $2,917 and three-bedrooms were little changed at $4,081.

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