Rental Market Reports

November 2009 Brooklyn Rental Market Report

TDG/TREGNY is proud to present the fourth monthly installment of the Brooklyn Rental Market Report, which will provide insight to the current state of the residential rental market, and provide clearer, more concise data than ever before available for the Brooklyn real estate market.

The data provided has been specifically compiled for you; the renter, investor, developer, landlord, property manager etc., to provide you with a better understanding of the Brooklyn housing market. The data is indicative of the types of apartments available in varying neighborhoods. Our goal is to use technology to provide you with transparency into a market that has been so difficult to navigate until now.

In the future as our data continues to grow, the monthly Brooklyn Rental Market Report will be even more comprehensive providing further insight with greater reporting capabilities on the state of the market, and to create the ability for all property owners to better gauge their own pricing based on a clearer view of their neighbors.

As TDG/TREGNY continues to grow, we aim to make the Brooklyn Rental Market Report, the only true and accurate report you will ever need.

November 2009 Manhattan Rental Market Report

TDG/The Real Estate Group NY is proud to present the November 2009 edition of our Manhattan Rental Market Report, the only research on the city’s rental rates published on a monthly basis.

This month the Manhattan rental market continues to lag in year-over-year performance, but rents have remained relatively stable versus last month. Overall, rents fell only 0.03% this November – a time when we would normally expect to see a seasonal decline. The largest price change this month was actually an increase in doorman one-bedroom units of 1.12%.

The one bright spot this month is the vacancy numbers. Although we reported last month that the delayed employment trend would not have a significant impact on the fall numbers, it may in fact finally be helping the rental market this month. These renters have come to Manhattan seeking value and have helped to decrease inventories by 5.36% overall this month – and a whopping 11.94% in non-doorman units.

As the trends above appear to be adding stability to the market, there still seems to be some disparity. Some owners are seeing increasing demand, either from new renters or by negotiating with current tenants to renew their leases, yet others carrying excess inventories are being forced to re-up incentives to appeal to those looking for value.

While November offers some positive news for the health of the market, the future is still uncertain. We will be carefully monitoring the results of this years holiday season spending in addition to the changing employment picture, which together may offer some foreshadowing as to how the 2010 market will unfold.

October 2009 Manhattan Rental Market Report

TDG/TREGNY is proud to present the October 2009 edition of our Manhattan Rental Market Report, the only research on the city’s rental rates published on a monthly basis.

Manhattan’s fate this fall was less transparent than in years previous. While the temperature drops and the leaves fall, we traditionally expect the summer’s flurry of activity to cool as well. This year, however, the already muted summer months led to speculation that this autumn may bring a delayed wave of new renters to the city and with them, sustained rental prices. While we continue to hold onto hope that this may be yet to come, the numbers this month indicate that this may not be the case.

Rents, which generally decrease in the fall, are relatively flat this month which is a good initial sign for the start of the season. It also seems as though renters that are in the market are taking advantage of the downturn to stake their claim on units in trendier neighborhoods. This extra demand has allowed areas like SoHo and TriBeCa to see upticks in rental prices.

Inventories, however, are back on the rise. Vacancies around Manhattan increased 1.72% this month — the first significant increase in vacancies in six months. It is this glut of inventory combined with a still unstable employment picture that leads us to expect continued downward pressure on the market this winter.

October 2009 Brooklyn Rental Market Report

TDG/TREGNY is proud to present the third monthly installment of the Brooklyn Rental Market Report, which will provide insight to the current state of the residential rental market, and provide clearer, more concise data than ever before available for the Brooklyn real estate market.

The data provided has been specifically compiled for you; the renter, investor, developer, landlord, property manager etc., to provide you with a better understanding of the Brooklyn housing market. The data is indicative of the types of apartments available in varying neighborhoods. Our goal is to use technology to provide you with transparency into a market that has been so difficult to navigate until now.

This month, we have added price trend graphs in our continued efforts to delve deeper into the data available. In the future as our data continues to grow, the monthly Brooklyn Rental Market Report will be even more comprehensive providing further insight with greater reporting capabilities on the state of the market, and to create the ability for all property owners to better gauge their own pricing based on a clearer view of their neighbors.

As TDG/TREGNY continues to grow, we aim to make the Brooklyn Rental Market Report, the only true and accurate report you will ever need.

September 2009 Manhattan Rental Market Report

TDG/TREGNY is proud to present the September 2009 edition of our Manhattan Rental Market Report, the only research on the city’s rental rates published on a monthly basis.

This summer has been a story of unrealized dreams for landlords and property owners. While many assumed that the traditional flurry of activity would allow them to unload much of their excess inventory and raise prices, this has not been the case. In fact, we’ve observed that many of the landlords and property managers who were eager to test the market by increasing prices and removing incentives from their units saw quickly that these tactics were premature.

While activity has increased, the numbers have not shown significant improvement. Rents have stabilized, but at levels nearly 10% back from already depressed 2008 numbers. And although vacancies showed improvement this month, they have yet to establish the trend necessary to absorb the considerable amount of excess inventory that is continuing to depress the market.

As Manhattan heads towards the traditionally slower winter months, it seems unlikely that the market will rebound in 2009. Given the depth that the market has fallen to date, significant gains are necessary for a recovery. Such increases, which would have been a stretch even for the summer market, are even more unlikely to occur during Manhattan’s slower seasons.

September 2009 Brooklyn Rental Market Report

TDG/TREGNY is proud to present the second monthly installment of the Brooklyn Rental Market Report, which will provide insight to the current state of the residential rental market, and provide clearer, more concise data than ever before available for the Brooklyn real estate market.

The data provided has been specifically compiled for you; the renter, investor, developer, landlord, property manager etc., to provide you with a better understanding of the Brooklyn housing market. The data is indicative of the types of apartments available in varying neighborhoods. Our goal is to use technology to provide you with transparency into a market that has been so difficult to navigate until now.

In the future as our data continues to grow, the monthly Brooklyn Rental Market Report will be even more comprehensive providing further insight with greater reporting capabilities on the state of the market, and to create the ability for all property owners to better gauge their own pricing based on a clearer view of their neighbors.

As TDG/TREGNY continues to grow, we aim to make the Brooklyn Rental Market Report, the only true and accurate report you will ever need.

August 2009 Manhattan Rental Market Report

TDG/TREGNY is proud to present the August 2009 edition of our Manhattan Rental Market Report, the only research on the city’s rental rates published on a monthly basis.

This month has been a bit of a power struggle between renters seeking value and property managers trying to capitalize on the last of the summer demand. Renters have been able to take advantage of relatively bargain prices, which continue to significantly lag in year–over–year trends, while this flurry of activity has led to decreasing inventories around Manhattan — good news for landlords and property managers.

As highlighted in last month’s report, the summer peak has been considerably muted this year. This anomaly has caused some in the market to be hopeful that the typical fall and winter doldrums will be less harsh than Manhattan has previously seen; however, most of the demand this summer seems to be coming from within the city limits (e.g. existing city dwellers looking for better deals), leading one to wonder where the renter demand to create such stability will come from.

As a side note, we’ve seen some landlords begin to test the market again this month with price increases. Although raising prices might garner a few more dollars on the balance sheets, it seems to us that this is still a gamble unless one truly feels their current inventories can withstand the market&rss current volatility.

We are continuing to monitor the market as the summer peak season comes to a close and will be paying careful attention to the direction of prices and inventories as the fall sets in.

August 2009 Brooklyn Rental Market Report

TDG/TREGNY is proud to present the first monthly installment of the Brooklyn Rental Market Report, which will provide insight to the current state of the residential rental market, and provide clearer, more concise data than ever before available for the Brooklyn real estate market.

The data provided has been specifically compiled for you; the renter, investor, developer, landlord, property manager etc., to provide you with a better understanding of the Brooklyn housing market. The data is indicative of the types of apartments available in varying neighborhoods. Our goal is to use technology to provide you with transparency into a market that has been so difficult to navigate until now.

In the future as our data continues to grow, the monthly Brooklyn Rental Market Report will be even more comprehensive providing further insight with greater reporting capabilities on the state of the market, and to create the ability for all property owners to better gauge their own pricing based on a clearer view of their neighbors.

As TDG/TREGNY continues to grow, we aim to make the Brooklyn Rental Market Report, the only true and accurate report you will ever need.

July 2009 Manhattan Rental Market Report

On behalf of The Real Estate Group, I am pleased to present the July 2009 edition of our Manhattan Rental Market Report, the only research on the city’s rental rates published on a monthly basis.

While some analysts may be calling an end to the recession, word has not yet spread to Manhattan’s rental market. The market is now in full summer swing and while our agents are busy with clients, there is not the usual frenzy that would normally surround this time. The data confirms this. Manhattan, which is a highly seasonal market, appears to be missing its summer peak this year. Prices are flat or declining this month vs. last instead of climbing, rents continue to lag 2008, and vacancies are slightly up.

It appears that the already down market continues to suffer from a combination of fewer jobs and lower budgets. And in talking with our clients, many of the new hire employees who would normally begin in May and June have had their start dates pushed back to September and October, thus diminishing the seasonal demand summer normally brings. Since we look to this time of year as a barometer for the upcoming quarter, this begs the question, what outcome can we expect for the rental market this fall?

On one hand, the push of start dates may signify that seasonality will simply be muted this year as the demand spreads more evenly across the second and third quarters, rather than being concentrated in early summer. On the other, the lack of demand could be just that, which if carried through to the fall, would have a profoundly negative impact on the rental market heading into the colder months.

We will continue to monitor this trend much more closely and report back as the situation unfolds.

Sincerely,

Daniel Baum, C.O.O.
The Real Estate Group

June 2009 Manhattan Rental Market Report

On behalf of The Real Estate Group, I am pleased to present the June 2009 edition of our Manhattan Rental Market Report, the only research on the city’s rental rates published on a monthly basis.

As we mentioned last month, the summer busy season appears to be bringing demand back to the market. And June, in fact, marks the first month where both non-doorman and doorman vacancies have declined since September of 2008.

That said, rents have not rebounded as of yet. Year-over-year comparisons show that prices are still lagging 2008 by as much as 12.30% in doorman one-bedroom units. On a month-to-month basis, however, rents are beginning to stabilize in most categories. The only category to post a decline this month was non-doorman two-bedroom units, which fell 2.56%.

Yet, while there has been some leveling off of asking rents over the past few months, demand does not appear to be enough to uplift rents as we’ve become accustomed to seeing in the summer months. Additionally we’ve noticed landlords, that had been previously testing the market by removing tenant concessions, have added these incentives back into the mix this month.

I continue to caution landlords to carefully monitor their properties this summer and avoid being caught with excess inventory come fall. While Manhattan’s rental market may be showing some signs of improvement, these should not be interpreted as the road to recovery just yet.

Sincerely,

Daniel Baum, C.O.O.
The Real Estate Group