Manhattan rents are down by as much as 20 percent. But prices are still climbing in some downtown neighborhoods.
According to the Manhattan Rental Market Report, rents are at their lowest since 2007. That’s down an average of almost 7 percent in doorman buildings and half as much in non-doorman buildings.
In the crazy world of New York City real estate, the Big Apple is now a renter’s market. Thanks to the recession.
Alice Stockton-Rossini reports
Rental prices in some places are down 10 to 20% from 2007-2009, according to the Real Estate Group. Landlords are trying to attract renters by offering perks including paid broker fees, free rent, free gym, etc. “I’ve heard owners not taking security deposits in some cases,” the Real Estate Group’s Daniel Baum told 1010 WINS reporter Alice-Stockton Rossini.
“I’ve heard owners not taking security deposits in some cases.”
Dutch expats in New York are directly affected by the financial crisis. Their Dutch frugal ways don’t always work: ”Having more debt, in the US, used to mean better creditworthiness.”
“Lost faith in the economy? Lost your job? Lost so much in the stock market that you will still have to continue to work? Maybe a bit to blame for this misery? No worries, the solution is near. For years drinking has been the cure for more (or less) successful fellow country folks, actors, writers and others.”