Low Manhattan Rents Continue to Be Predicted, Unseen
The Observer's headline, "Coming Soon: The Decent $1K Manhattan Apartment?" gave us a start, but as we should have known there's a catch. The article mentions that "the average rent for a studio is down almost $100 since October" -- hooray! -- but that only means it's now $1,808 a month, which may be bargain-basement to Observer readers but not to us. The other portents -- new tenants offered "freebies," a predicted shortage of city newcomers -- are also weak. As we usually note when the Observer touts falling rents, they are not going down much, nor everywhere, nor as speedily as the economic situation would seem to dictate. Landlords spent years jacking rents up to the current absurd levels, and they will probably eat a lot of vacancy before they allow that gravy train to be derailed. We continue to pray for the New Depression to bring a real rain and wash all the zeros off the classified listings.
Meanwhile here's "nycaptguy" pitching you another luxury accomodation, this one a "Monster loft in Midtown," by which apparently means a hallway repurposed as a studio (which he films from every conceivable angle to impress you) for $1,515.