‘Downward Forces’ at Work in Manhattan Apartment Market

The Real Estate Group New York’s out with its October Manhattan rental market report, and C.O.O. Daniel Baum says what we’re all thinking:

“It’s apparent that the rental market is struggling this month,” Mr. Baum said in a statement. “Doorman studios are down 7.23 percent, and doorman one-bedrooms have declined 3.21 percent in year-over-year comparisons. To us, this seems to be a clear indicator of downward forces beyond simple seasonality trends.”

It’s not just the winter months–it’s the financial crisis.

More apartment stats here (PDF).

‘Downward Forces’ at Work in Manhattan Apartment Market