Friday, September 25, 2009

Manhattan Rental Prices: 2008 Vs. 2009

People always ask me how much rents have gone down since last year, and most of the time I shrug and say, "Eh. Not by all that much." Every time I take out a repeat client, they're always a little surprised to see that their money isn't taking them as far as they thought it would.

Here are some charts that compare rents from last summer to this summer. Summer, by the way, is peak rental season in Manhattan, when prices are the highest. Want to save money? Move in the dead of winter.

Units are just a few hundred dollars off, not the bargain basement prices that The New York Times would have you believe. (P.S. Don't believe anything you read in their Real Estate section. They are wrong 95% of the time.)

Average Rentals: Summer 2008

Average Rentals: Summer 2009
Average Summer Rentals -- 2009

As for vacancies, at any given time in Manhattan there is roughly a 1 - 2% vacancy rate. No warehouses of empty apartments waiting to be given away, as the media would have you believe.

Vacancies: Summer 2008

Vacancies: Summer 2009