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Owners Must Keep It Realistic on the Rent

NEW YORK CITY-The rental market is still not finished contracting, according to a new study, and landlords need to react more quickly to tenant concerns.

By Cody Lyon | Updated on August 26, 2009

NEW YORK CITY-By the end of Q2 ’09, the average asking rents in the Manhattan market for both full service and non-full service buildings declined by 19%, according to recent report from Nancy Packes Inc. The report says that for full service buildings the decline was even steeper at 21%. The Packes report attributes that to declining incomes and the financial service industry’s continued contraction.

Company president Nancy Packes says other rental reports have “noted lesser declines in rent, but only measured the drop from Q4 2008, which the Packes report says was well after prices had begun to decline in a number of Manhattan neighborhoods.

“The first major point is that the decline didn’t begin just a year ago, some regions started to fall earlier than that,” Packes tells GlobeSt.com. Secondly, “some areas fare better than others, depending on the how much competition there is from rental buildings in a given area,” she adds.

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