Rental Prices Drop in '09

Hey, guess what. A report just came with the figures for 2009. According to the report, Manhattan rental prices plunged in 2009, just as they did in 2008. Based on the report, NYC saw a rapid price deceleration in the rental market. The report tracked rentals in all neighborhoods from Battery Park City up through Harlem at 155th St. The report mainly focused on studios, one bedrooms, and two bedrooms. These apartments existed in buildings that had a doorman and that did not have a doorman.

The study went on to say that studio apartments and even one-bedroom apartments saw the biggest decline. The reason for the declines were based on a lot of layoffs and hiring freezes that kept people from entering into the market.

Based on this study, the average rent for a studio in 2009, that had a doorman, was $2,325. Without a doorman, the rental price was $1,944. Overfall, rents for studios, one and two bedroom apartments fell six percent for non-doorman buildings and seven percent for doorman buildings.