Once again we are told that Manhattan rents are in collapse
, this time by Crain's
which quotes reports showing a whopping 58.9 percent fewer apartment leases signed in Manhattan in Q3 2009 than in Q3 2008
. That might not be so big a deal as it sounds, though, as many landlords are warehousing
their buildings, and a good number of them probably writing off the loss as they wait for sunnier days. (September vacancy rates at 1.8 percent, up a mere 0.4 percent from this time last year.) The median Manhattan rental price is down by 7.7 percent -- to $2,950. Oh yeah, that
makes a difference. Well, at $3,196, it was looking kinda pricey, but for $2,950 I'll take it!
We think we'll just stay in our hovel until we can get the Democrats back in power and have riots -- rents are sure
to get a real correction then.