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.
This article from the Village Voice Archive was posted on October 8, 2009