The big news yesterday was about the deteriorating rental market. A report out by broker TREGNY showed large increases in vacancy (although no precise vacancy rate). The report also alleges that some larger landlords may not releasing their entire availability lists for fear of showing their hands and further driving prices down. Sounds more like some conspiracy theory to me. I doubt that there is some widespread collusion going on to keep prices up. The reality is that rental prices have dropped, and incentives have increased dramatically. The shifts in the market have been dramatic. I detailed these shifts back on November 13th. While my observations were derided by some, they are being embraced 3 weeks later. You heard it here first.
How Many Vacant Apartments Does NYC Have? (Observer)
Hot Shills: Landlords Tempt Tenants (Curbed)
Plunge In Demolition Permits Signals Major Slowdown (The Real Deal)
Storied Apthorp Apartments Hit The Condo Market (Curbed)
Whopper Lawsuit Alleges Real Estate Deal Proceeds Go To NY Observer, And McGreevey's Boyfriend (NYDN)
How Tough Is It Getting For Trump? (The Improper)