Manhattan Apartment Rents in May-August 2009 Posted Annual Decreases in Excess of 7%
Rental rates for studios posted the largest annual drop of 11.2%, as the average monthly rent in May-August 2009 dropped to $1,763 from $1,985 in the same period last year. Rental rates for two-bedroom apartments posted the second largest drop of 10.6%, as the average monthly rent in May-August 2009 dropped to $3,421 from $3,827 in the same period last year. Rental rates for both one-bedroom and three-bedroom apartments posted an annual decline of 7.8%. In particular, the average monthly rent for one-bedroom apartments in May-August 2009 dropped to $2,425 from $2,631 in the same period last year, while the average rent for three-bedroom apartments fell from $5,023 last year to $4,633 this year. The largest annual drop of 16.7% in studio rents took place in Midtown East, where the average monthly rent in May-August 2009 dropped to $1,803 from $2,165 in the same period last year. The smallest annual drop of 2% in studio rents took place in Harlem where the average monthly rent in May-August 2009 dropped to $1,206 from $1,230 in the same period last year. In terms of the average rents for the other three apartment types, there were significant variations across submarkets in annual changes, not only in terms of magnitude but also in terms of direction. For example, in the case of one-bedroom apartments, the average rent decreased in most submarkets with Midtown East and Murray Hill posting the largest annual declines of 18% and 18.1%. However, two submarkets, Harlem and Washington Heights, registered annual gains of 5.7% and 0.4% in average one-bedroom apartment rents, respectively, in May-August 2009. Midtown East and Murray Hill posted the largest rent declines in the case of two-bedroom and three-bedroom apartments as well, with the former registering the largest overall annual declines of 20.9% and 21.5%, respectively, in these two submarkets. However, the average rent for two-bedroom apartments posted annual gains of 1.1% and 1.9% in Harlem and Wall Street/BPC, respectively, while the average rent for three-bedroom apartments posted annual gains of 1.9%, 4.1%, 1.3% and 2.0% in Chelsea, East Village, Wall Street/BPC and SoHo/TriBeCa, respectively.
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