Rental Rates Continue To Fall In New York

More good news for increasingly poor people trying to find a place to live in New York.

Continuing the trend illustrated by last month’s Citi Habitats report showing that rental rates were down and vacancies were up for Manhattan apartments in November, The Real Estate Group New York reports that the average rent for most New York City apartments fell in 2008.

The average rental rates for nearly all apartments were down in 2008 from what they were in 2007 (see chart below). The only apartments whose rent increased were studios in non-doorman buildings.

Here are the overall changes for New York’s rental market, provided by TREGNY:

Looking for some deals in a particular neighbourhood? The average rental rate for two-bedroom apartments in Gramercy Park was down a staggering 20.10%.

[via Curbed.]

See Also: New York Real Estate Outlook: Mega-Crash
Bernie Madoff’s Latest Victim: New York City’s Real Estate Market
Finally Some Good Real Estate News—For NYC Renters

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