In this month’s Manhattan Rental Market Report , a monthly report published by The Real Estate Group, Daniel Baum C.O.O. reports as follows:

“With the same uncertainties mirrored in Manhattan’s financial markets, employment levels and overall economic climate, it comes as no surprise that housing inventory is not being consumed as quickly as many would like, and that landlords are taking precautionary measures so as not to be saddled with excess vacancies in the fall. Many property owners are continuing to offer concessions such as owner-paid fees or one month’s free rent to provide consumers with a little “relief at the pump” of their own.

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First let me say that only recently did I find the opportunity to sieve through the multitude of spam comments and approve the real comments that were posted since the last article titled “2008 Market Starts to Warm”.  Thank you all for your readership and curiosity on the matter. Second I’d like to remind everyone reading this article that we are based in Williamsburg Brooklyn and our observations are based on the goings on of the local market here -to set the parameters of our observation field straight for the record. From what I hear from colleagues, prospective tenants and landlords elsewhere, our observations are in line with what is going on in other parts of Brooklyn, and to some extent even in, untouchable as it remains to be, Manhattan. (more…)

     Its time to break out that old lease and start reading the riders, cause it’s warming up quick on Wburg’s already smoldering rental circuit!  With sales low this year the market is saturated with renters that qualify for home ownership competing alongside young professionals and students with guarantors.  The competition promises to be fierce.  Over the last six months we’ve definitely seen a trend on the rental market, of highly qualified seekers with reserves in the bank. Prospective tenants that would have been saving to buy a home, coupled with recent homeowners that just sold their primary residences, are going to be major influences on the rental market in 2008.  

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by Douglas L. Fromme
Over eight million people reside in the City of New York. Residential living space is severely limited. Intense demand for residential living space has driven the price of a tiny studio apartment in Manhattan well above $2,800. per month. The solution for many to obtain a reasonable amount of space at an affordable rent is to seek out “loft-type” space in commercial buildings in the outer boroughs. (more…)