No Foolin’ This Time! Manhattan Now a Tenant’s Market

Yowza! In an email time-stamped 6:38 a.m., The Real Estate Group New York declared that Manhattan was now, for all

Yowza! In an email time-stamped 6:38 a.m., The Real Estate Group New York declared that Manhattan was now, for all intents and purposes, a tenant’s market going forward.

"Landlords are feeling a lot of pressure this month," Daniel Baum, the firm’s COO said in a statement. "I have heard everything from ‘anything for a lease’ to ‘just bring me bodies.’ Concessions have become standard and price drops are happening across the board."

The march to this December morn has been a long one, as the Manhattan apartment market, like a large ship at open sea, turned slowly from landlords’ favor to that of tenants. Several areas of the borough saw record rents over the last few years, and tenants would have for much of that stretch been hard-pressed to find incentives offered up front. That’s all different, thanks to slackening demand (not surprising, given the city’s recent and continuing job losses).

Simply put, there’s too many empty apartments now for landlords to be charging record rents. Manhattan apartment vacancies were up for the second straight month, according to TREGNY: 7.5 percent since October and 17 percent since September.

And! "[M]any neighborhoods and units have dropped to their lowest price points since the Real Estate Group began reporting data. East Village non-doorman studios and Greenwich Village doorman studios are among the categories to find their new lows, $1,922 and $2,484 respectively."

More stats here from the November report [PDF]. No Foolin’ This Time! Manhattan Now a Tenant’s Market