‘Downward Forces’ at Work in Manhattan Apartment Market

danielbaum 0 Downward Forces at Work in Manhattan Apartment MarketThe 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).