Manhattan Rents Down By As Much As 20%, Still Ridiculously High


Oh boy, another bunch of Manhattan Rents Fall! headlines. “Down by as much as 20 percent!” says the AP. “Lowest level since at least 2007!” says the Post. “Plummet!” says Newsday. The McGuffin is TREGNY’s Manhattan Rental Market Report (pdf) which shows, basically, that you can get a studio in Harlem for $1,277 — oops! Too late! That was the cheapest, and it’s gone! Even the Post‘s credulous commenters are skeptical (“Only $2605? pfffft, hold on while I breakout my check book”).

As regular readers will know, we take our cues from YouTube brokers’ videos, and these show an ominous new pattern: gone are the wheezing agents walking you through slum apartments, replaced by offers to “get into the swing of things!” and slideshows of amenities in ritzy towers, with a link to their preposterous rents.

A second trend, disturbing in its own way, is personal appeals from brokers such as the one shown above, in which we are shown a blooper out-take of his pitch where he can’t stop laughing — probably because he’s thinking of the noobs who will fork over $1500 for a hellhole and imagine they’re getting a break.