Crain's Says Manhattan Rents Have Plummeted -- to $2,950
Once again we are told that Manhattan rents are in collapse, this time by Crain's which quotes reports showing a whopping 58.9 percent fewer apartment leases signed in Manhattan in Q3 2009 than in Q3 2008. That might not be so big a deal as it sounds, though, as many landlords are warehousing their buildings, and a good number of them probably writing off the loss as they wait for sunnier days. (September vacancy rates at 1.8 percent, up a mere 0.4 percent from this time last year.) The median Manhattan rental price is down by 7.7 percent -- to $2,950. Oh yeah, that makes a difference. Well, at $3,196, it was looking kinda pricey, but for $2,950 I'll take it! We think we'll just stay in our hovel until we can get the Democrats back in power and have riots -- rents are sure to get a real correction then.
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in New York, delivered to your inbox.