(Read more on the multifamily market.)
NEW YORK CITY-After leveling off slightly last month, the Manhattan apartment rental market continues to weaken following this summer's peak. An analysis of current rental rates found that all average apartment rents throughout the city decreased in October, resuming a correction in the market that started unseasonably in August.
October data released today by the Real Estate Group Inc. in its Manhattan Rental Market Report, a monthly study of apartment rental rates, shows that all average rents decreased this month at the start of the Q4 '07. This is the first time in 2007 that all average asking rents in Manhattan posted a decline, signifying the continuation of a cooling rental market typical in the fall. Doorman one- and two-bedroom units have registered the most significant decrease, followed by two bedrooms in the non-doorman category. The one bright spot was the studio apartment sector, which remained relatively stable.
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